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Clear Blue's latest addition to its stable of programs has the backing of Qatar Re as its Reinsurer, The Insurance Insider can reveal.
Earlier this week MGA Stratus Risk Underwriters (SRU), based in Oldsmar, Florida, announced it had teamed up with program fronting specialist Clear Blue to launch a new offering for airport property and hangar owners and lessors in the Sunshine State.
Writing on Clear Blue paper, rated A- by AM Best, the new program aims to offer aviation insurance customers specifically reserved capacity so they avoid competing with other consumers to secure coverage at "competitive pricing levels", according to SRU president and CEO Doug Gaudet.
He noted that Florida's exposure to catastrophe losses and the high concentration of commercial and residential values typically limits how much affordable coverage is available for individuals and businesses with property at airports in the state.
Sources said Clear Blue, which specializes in acting as a program transformer for reinsurers, has tied up with Bermudian Qatar Re for the offering.
It is thought that the new program is likely to be at the smaller and of the scale for Charlotte, North Carolina-based Clear Blue, which has done a number of transactions in the $10mn-$20mn annual premium range as well as larger deals in the $50mn-$100mn range.
Clear Blue is a 100 percent fronting carrier for traditional reinsurance markets, total return reinsurers and collateralized writers, as well as Lloyd's syndicates. It is backed by private equity firm Pine Brook and is thought to have added programs numbering into the high teens since it began doing business at the end of 2015. BACK