New commercial insurance fronting company launchesReprints
Newly formed commercial insurance fronting provider Clear Blue Financial Holdings L.L.C. has launched with two fully licensed fronting insurers, Charlotte, North Carolina-based Clear Blue announced Tuesday.
Clear Blue last month acquired Peoria, Illinois-based RLI Indemnity Co. and Raleigh, North Carolina-based Maiden Specialty Insurance Co. as pure shells. The two specialty insurance companies will serve as growth platforms for Clear Blue’s operations, Clear Blue said in a statement.
RLI Indemnity has been renamed Clear Blue Insurance Co. and will serve as the business’ licensed admitted insurer, while Maiden Specialty Insurance has been renamed Clear Blue Specialty Insurance Co. and will serve as the business’ licensed nonadmitted insurer.
The companies, which will begin serving clients immediately, are backed by New York-based private equity firm Pine Brook Partners.
Clear Blue was founded by a management team led by President and CEO Jerome Breslin, formerly of Bank of America’s commercial insurance division.