The purchase follows the 2019 launch of the Lion Rock Re sidecar.
Acquisitive broker consolidator Acrisure was the busiest buyer of insurance intermediaries in Q1, taking over 18 agencies.
The total-return reinsurer called off its sales process yesterday and announced a buyback.
Hyperion CEO says the virus will also force the London market to modernise.
Process paused as market turmoil challenges debt markets and undermines due diligence.
Shares in the total return reinsurer traded up 3 percent after the news.
Assurance will become the Midwest regional headquarters for MMA, under Assurance CEO Tony Chimino.
The process has been pulled amid economic disruption from Covid-19.
The business will be integrated into Credit Risk Solutions, which was acquired in 2017.
Long closing period and Covid-19 uncertainty expected to curb early staff exits.
An Exor source said the transaction “makes even more sense now”.
Obsidian received a financial strength rating of A- from AM Best following the raise.