Shantel
Key Takeaways:
- Obsidian Insurance Group appoints Craig Rappaport as President and Nick Dagenais as Chief Financial Officer.
- Rappaport and Dagenais have been instrumental in steering the company’s strategic direction and operational excellence.
- Obsidian’s leadership transitions reflect a strategic move towards a stronger future, underscoring the company’s commitment to underwriting profitability and operational excellence.
About Obsidian Insurance Group
Obsidian Insurance Holdings, Inc. is an insurance behemoth, offering a diverse portfolio of property, casualty, and specialty insurance programs. Founded in 2020 in association with eminent insurance industry veterans and Genstar Capital, Obsidian’s innovative operational model consists of issuing policies underwritten by managing general agents, underwriters, and program managers. Reinsuring the lion’s share of the business to chosen reinsurers, Obsidian excels at fostering and fortifying relationships with insurance and reinsurance partners.
Leadership Transition Ushers in a New Era
CEO William Jewett said about the recent transitions, “Both of these promotions are reflective of exceptional performance, as well as organizational growth and complexity.” The move underlines the company’s strategic focus on operational excellence and underwriting profitability.
Craig Rappaport: Leading the Charge
Having played a significant role as the COO and CFO since Obsidian’s inception, Craig Rappaport brings a wealth of experience and an unmatched set of knowledge and skills to the table. His promotion to President is a testimony to his considerable contributions to the company.
Jewett said, “His execution capabilities and leadership skills will continue to be a significant driver of our future success and achievements.” Rappaport, reflecting on his new role, said, “It has been a great experience working alongside Bill and our leadership team to build a fronting carrier with capabilities that we believe are second to none.”
Nick Dagenais: Strengthening the Financial Infrastructure
Nick Dagenais, the erstwhile VP of Finance, assumes the role of CFO, heralding a new chapter in Obsidian’s financial leadership. Acknowledged for his stellar work in constructing a robust and scalable financial infrastructure, Dagenais has been pivotal in establishing Obsidian’s exceptional financial reporting and operational capabilities.
Speaking on Dagenais’ promotion, Rappaport said, “He is a very capable executive and is well-prepared for his expanded role.” Dagenais will continue to report to Rappaport, reaffirming their strong partnership.
Securing the Future
Obsidian’s new leadership transitions are strategically aligned with the company’s aspirations to become a leading fronting carrier. Obsidian’s “A-” financial strength rating from A.M. Best illustrates the company’s solid financial standing and its commitment to its insurance and reinsurance partners.
As the company moves forward, it is significantly investing in strengthening its infrastructure and expanding its team to scale its hybrid fronting business partnerships. In doing so, it is poised to utilize its technical prowess in working closely with partners on the development and implementation of programs.
These leadership appointments and the strategic direction they represent reflect Obsidian’s bold commitment to remaining at the forefront of specialty insurance. With a renewed sense of purpose, Obsidian Insurance Group continues to adapt, grow, and prosper in an increasingly competitive landscape, illuminating the path towards a vibrant future in specialty insurance.
