Dan Larkin is leaving his position as CUO of program fronting start-up Obsidian to rejoin Allianz Global Corporate & Specialty (AGCS), The Insurer understands.

AGCS and Obsidian

The move comes as Allianz is looking to replenish the management ranks of its programs unit following the exit of Dogan Kaleli – who headed up the business for North America – to join start-up MGA USQRisk in a move revealed by this publication earlier this week.

Sources said Larkin will run national sales as well as the Northeast team for US midcorp programs when he rejoins AGCS later this month.

It is thought the parting of ways with Genstar-backed hybrid fronting carrier Obsidian has been amicable.

As previously reported, Larkin left his position as regional head of programs at AGCS earlier this year and is thought to have been responsible for managing and underwriting a profitable portfolio of around $110mn of casualty, property and specialty business generated through MGAs at the insurance giant.

He joined AGCS in 2018 from PartnerRe where he had been 18 years, most recently as head of programs.

Obsidian officially launched after receiving an A- financial strength rating from AM Best and capitalising its underwriting platform following a $100mn investment from private equity giant Genstar.

Other members of the start-up’s management team include former Endurance Specialty president Bill Jewett as founding CEO and former Hanover Insurance Group specialty P&C COO Craig Rappaport in the same position at Obsidian.

The hybrid fronting carrier has a dual strategic focus as it targets traditional MGA program business as well as opportunities with retail and wholesale risk aggregators.

Obsidian and AGCS declined to comment on this article.