Nov 03, 2022, 08:00 ET
NEW YORK, Nov. 3, 2022 /PRNewswire/ -- Obsidian Insurance Group ("Obsidian"), which is focused on facilitating and supporting growth in specialty insurance programs, announced today the introduction of a Program Analytical Review ("PAR") data analytics tool that will be offered by Obsidian to its MGAs, Reinsurers, and Reinsurance Brokers. The level of detail and analysis that PAR provides will deliver keen insight into pricing, profitability, and loss trends within specific program portfolios, and provide unique perspectives to Obsidian's stakeholders into how their portfolio can be managed for continuous profitability.
William Jewett, Chief Executive Officer of Obsidian, commented, "One of Obsidian's foundational pillars is and will continue to be the use of technology and data to drive sustainable growth and profitability. At the same time, we believe that the tools we develop should be easy to use and provided for our clients. Our goal is to offer an analytical tool that could assist in maximizing the profitable growth of the programs we support. That is what PAR is all about."
Kim Ho Lo, Obsidian's Chief Actuary and Chief Risk Officer, added, "PAR will provide our clients and reinsurers with analyses on a regular basis in an easy-to-use format, so that they better understand the portfolios that have been constructed. When we were developing PAR, it was essential that it focused not only on our needs, but also more importantly on those of our MGAs and reinsurers."
Jewett concluded, "Kim Ho Lo and his team have developed a tool that we believe will create significant value for all our stakeholders. It is another example of how we are differentiating ourselves in the marketplace."
PAR uses an MGA's own data and information, as well as industry trend, loss development, and other information, to analyze property, casualty, and specialty insurance portfolios. It provides a bespoke analysis, and its capabilities are adaptable and expandable. It will be updated on a monthly or quarterly basis. It is provided at no cost to the MGA's supported by Obsidian as well as to their aligned reinsurers and reinsurance brokers.
Obsidian Insurance Group carries an "A-" financial strength rating from A.M. Best and is significantly invested in building its infrastructure and a team to expand its hybrid fronting business partnerships, leveraging Obsidian's management's strong technical expertise to work closely with its insurance and reinsurance partners regarding the development and implementation of programs.
Obsidian Insurance Holdings, Inc. is an insurance holding company with admitted and non-admitted insurance carrier subsidiaries that issue policies underwritten by managing general agents, managing general underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures 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.
Contact: Chris Tofalli
Chris Tofalli Public Relations
SOURCE Obsidian Insurance Holdings, Inc.
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