Clear Blue Financial Holdings launched with two fully licensed fronting carriers.
The combined carrier group has received an A.M. Best rating of “A- (Excellent)” and is backed by Pine Brook, a private equity firm.
Clear Blue is a non-risk bearing insurance business that enables traditional and alternative reinsurers to access the onshore US market.
Recently, Clear Blue successfully completed the acquisitions of RLI Indemnity Company and Maiden Specialty Insurance Company, two specialty insurance companies that serve as growth platforms for the new business’ operations.
RLI Indemnity Company has been renamed Clear Blue Insurance Company and will serve as the licensed admitted carrier, while Maiden Specialty Insurance Company has been renamed Clear Blue Specialty Insurance Company and will serve as the the licensed non-admitted or excess and surplus carrier.
The team will be led by president and CEO, Jerome Breslin, who built Bank of America’s commercial insurance division. He is joined by chief risk officer Jim Mann and COO Peter Klope.
William Spiegel, founding partner and managing director of Pine Brook's financial services investment team, commented: “We are confident that the Clear Blue team has found a very interesting segment of the insurance market.”
"We're pleased to partner with Breslin and his team, as their strong industry experience and proven track record will provide them with a tremendous market advantage.”
