Protective completes Obsidian acquisition from Genstar

Protective Life Corporation, the U.S. subsidiary of Japan's Daiichi Life Group, completed its acquisition of Obsidian Insurance Holdings and affiliates through Protective Life Insurance Company. Obsidian was owned by funds advised by Genstar Capital. Terms were not disclosed.

Why it matters: The deal establishes Protective's fifth business line, in specialty property and casualty insurance.