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Commercial insurance fronting provider Clear Blue Financial Holdings L.L.C. has launched with two fully licensed fronting insurers that are capitalized at $65 million, according to the company's chief executive.
“We have made ourselves available to write any line of business,” Clear Blue President and CEO Jerome Breslin, a former senior vice president and reinsurance executive at Bank of America Corp., said last week Friday.
“Our focus has more to do with quality of the risk rather than the line of business,” he said. “We're a bit agnostic about having opinions of lines of business. There's really only one line of business that we're probably not as interested in writing out of the gate, and that's workers compensation.”
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 insurers will serve as growth platforms for Clear Blue's operations, Clear Blue said in a statement Dec. 15.
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.
Mr. Breslin said the companies are capitalized with $65 million in surplus on a pooled basis. Backed by New York-based private equity firm Pine Brook Partners, they will begin serving clients immediately.
Clear Blue Financial Holdings is a San Juan, Puerto Rico-based holding company. The insurance companies are based in Charlotte, North Carolina.
Mr. Breslin is based in Charlotte.