Obsidian Insurance Holdings Inc. and SafeLease Insurance Services have joined forces to provide a tenant-protection program for the self-storage industry. The partnership will allow self-storage operators to integrate the plan directly into their rental agreement. SafeLease will manage the reinsurance operations, billing and claims in-house, according to a press release.

“By partnering with Obsidian, we’ve established a foundation for SafeLease to become a new leader in contractual liability products,” said Steven Stein, founder and CEO of SafeLease. “We know the self-storage market well, and are delighted to have Obsidian as our fronting partner, who invested their time and resources to understand this niche.”

“We are very excited to be partnering with SafeLease on this new opportunity,” said Obsidian CEO William Jewett. “Steven Stein has built a purpose-driven team that is well-positioned in this rapidly evolving market segment, and we are confident that our partnership represents an attractive and sustainable opportunity for Obsidian.”

Obsidian is an A.M. Best-rated, hybrid-fronting program carrier. Through its subsidiaries, it issues policies underwritten by program managers, and managing general agents and underwriters. Obsidian sources, underwrites and manages a diverse portfolio of property, casualty and specialty-insurance programs. The company was formed in 2020 in partnership with insurance industry executives and private-equity firm Genstar Capital.

SafeLease is a fully integrated insurance agency that distributes indemnity products nationwide and internally manages all administration and claims. It has offices in Austin, Texas, and Madison, Wisconsin.

Source:
PR Newswire, Obsidian Partners with SafeLease to Provide Tenant Protection Program