BMS Capital Advisory completes Obsidian capital raise as co-placement agent
New York, NY – BMS Capital Advisory (“BMS CA”), the broker-dealer and capital advisory arm of BMS Group, today announced it acted as co-placement agent, alongside Piper Sandler & Co., for the capitalization of Obsidian Insurance Company (“Obsidian”), a new fronting insurance carrier led by William Jewett, and backed by Genstar Capital.
Obsidian has received an A- financial strength rating from A.M. Best and will provide capacity for managing general agents (MGAs), managing general underwriters (MGUs) and delegated authority programmes.
Romulo Braga, CEO of BMS CA, said: “BMS Capital Advisory is pleased to have helped bring Obsidian’s dynamic fronting capabilities to market. Our firm has built its reputation as a nimble, insurance-focused capital advisory business, providing clients with tailored advice. We were pleased to work with Piper Sandler & Co. and an investor of Genstar’s reputation to help launch Obsidian and look forward to further transactions to come.”