By PR Newswire
NEW YORK, Jan. 20, 2021 — Obsidian, an A.M. Best rated “A-” hybrid fronting program carrier, launched a program partnership with Platinum Specialty Underwriters and its MGU program division, WestPro, a leading program administrator for bar and taverns coverage in over a dozen U.S. states.
The WestPro program targets neighborhood bars, taverns, and restaurants with liquor sales, both with and without entertainment. The program has an extensive history of profitability and expertise in this niche segment with unparalleled experience handling liquor liability exposure. Offering surplus lines coverage options, the program is offered through long-term wholesale broker relationships.
The WestPro program will be written on Obsidian’s “A-” A.M. Best rated paper. Aligning with Obsidian’s strategy, this solution offers a multi-faceted partnership approach, bringing together deep technical expertise of program administrators, top tier reinsurance partners, and advanced, efficient technology operations free of operational and distribution channel conflicts. “Our partnership with WestPro is an exciting next step for Obsidian, joining a top tier program administrator with Obsidian’s strategically aligned and built-for-purpose program carrier model,” said William Jewett, CEO of Obsidian.
WestPro and Platinum Specialty Underwriters are part of XPT Group, a specialty insurance distribution company formed by industry veterans Tom Ruggieri, Jeff Heath, Mark Smith, and backed by investors led by B.P. Marsh & Partners. Kyle Stevens, President of WestPro, leads the program and commented on the new partnership stating, ” We are thrilled to start our joint venture with the team at Obsidian. Together, we are well positioned to offer a highly compelling program to our wholesale broker partners to meet the evolving needs in the hospitality space.” This was informed to Prittle Prattle News by a Press Release.
Obsidian Insurance Group carries an “A-” financial strength rating from A.M. Best. The Company has been building partnerships to expand its hybrid fronting business while continuing to invest in its infrastructure and talent.
About Obsidian
Obsidian Insurance Holdings, Inc., through its insurance carrier subsidiaries, Obsidian Insurance Company and Obsidian Specialty Insurance Company, is a new fronting insurance holding company to issue policies underwritten by Managing General Agents, Managing General Underwriters, and program managers. Obsidian will source, underwrite, and manage a diverse portfolio of property, casualty, and specialty insurance programs, and reinsure the majority of the business to select reinsurers. Obsidian was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital. For more information, visit www.obsidianspecialty.com.
About Platinum Specialty Underwriters
Platinum Specialty Underwriters is a Managing General Underwriter platform distributing through the Wholesale channel. The platform focuses on leading service technology combined with expert underwriting, claims management, loss inspection, and actuarial analysis to assure partner insurance company’s low loss ratios. Platinum invests in underwriting teams and underwriting businesses with a collaborative entrepreneurial culture. Contact: Jeff Heath 908.295.1763 jheath@xptspecialty.com
