On August 16, 2016, FrankCrum General Agency, Inc. (“FCGA”) entered into a general agency agreement and Frank Winston Crum Insurance Company (“FWCI”) executed a reinsurance agreement with Clear Blue Insurance Company (“Clear Blue”).
The agreements are part of a structure whereby FCGA will expand its general liability insurance program through the southeast, issuing policies on behalf of Clear Blue that will then be reinsured by FWCI. The structure allows FCGA and affiliate FWCI to participate in the risk and profitability from its program using Clear Blue’s AM Best A– rating. The Agreements became effective on September 1, 2016 and approval was granted by the Florida Office of Insurance Regulation on September 30, 2016.
TAG Risk Management LLC, led by TAG Financial Senior Advisor Joe Braunstein initiated and structured the transaction and introduced Clear Blue. TAG Risk Management is the risk financing subsidiary of TAG Financial Institutions Group, LLC. Clear Blue was financed by private equity capital arranged by TAG Financial and writes business through its two insurance subsidiaries acquired Clear Blue with TAG Financial as its advisor.
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