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.
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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