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News

TAG Financial Institutions Group Advises Clear Blue Insurance Company on Acquisition of Two Subsidiaries

12/14/2015

 
New York — TAG Finan­cial Insti­tu­tions Group is pleased to announce that Clear Blue Finan­cial Hold­ings, LLC (“Clear Blue”) has been assigned a finan­cial strength rat­ing of A– (Excel­lent) and the issuer credit rat­ings of “a-” for its two insur­ers, Clear Blue Insur­ance Com­pany and Clear Blue Spe­cialty Insur­ance Com­pany.  TAG Finan­cial raised equity cap­i­tal to finance the busi­ness, iden­ti­fied and advised on the acqui­si­tion of the two insur­ance sub­sidiaries, and advised on aspects of the rat­ing and reg­u­la­tory processes.
Based in Puerto Rico, Clear Blue has estab­lished a plat­form to lever­age its due dili­gence, under­writ­ing exper­tise, and pro­gram man­age­ment skills allow­ing the spe­cialty insur­ance mar­ket­place to access alter­na­tive sources of insur­ance capac­ity in the global rein­sur­ance mar­kets and to help sources of risk or rein­sur­ance capac­ity to reach pro­gram risks and pri­mary insur­ance busi­ness.  The busi­ness plan filled a rec­og­nized void in the spe­cialty insur­ance marketplace.

Fol­low­ing the clos­ing of the trans­ac­tion Jeff Downey has tran­si­tioned to become the Chief Finan­cial Offi­cer of Clear Blue and Steven Nigro has been named to its Board of Directors.

For the full press release, please go to http://www.prnewswire.com/news-releases/insurance-industry-veterans-launch-clear-blue-new-insurance-fronting-carrier-300192987.html.

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