Press Release|Insurance
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KBRA Assigns Preliminary Rating to Senior Unsecured Notes of Obsidian Insurance Holdings, Inc.

3 Oct 2025   |   New York

Contacts

KBRA assigns a preliminary rating of "BBB-" with Stable Outlook to Senior Unsecured Notes ("Notes") to be issued by Obsidian Insurance Holdings, Inc. (OIH) (KBRA Issuer Rating: BBB-/Stable). The intended use of proceeds include retiring existing senior unsecured notes due 2025, supporting future premium growth and general corporate purposes.

Obsidian is a hybrid fronting carrier focused on the U.S. property/casualty and specialty markets. It operates through OIH's subsidiaries: Obsidian Specialty Insurance Company (OSIC), Obsidian Insurance Company (OIC), and Obsidian Pacific Insurance Company (OPIC). OIC and OPIC are admitted carriers and OSIC is a surplus lines carrier. Each program is supported by an individualized panel of reinsurers, and Obsidian underwrites and participates as a risk taker on programs.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011579