Irving, Texas-based QEO Group LLC (QEO) and Clear Blue Financial Holdings LLC (Clear Blue), headquartered in North Carolina, have agreed to a long-term, exclusive relationship for QEO to write its commercial automobile insurance program on Clear Blue’s carriers, Clear Blue Insurance Co. and Clear Blue Specialty Insurance Co.
Clear Blue CEO Jerome Breslin said his company has added $42 million of capital from its private equity backer, Pine Brook, to support this new growth.
The relationship provides QEO with nationwide exclusivity to write its commercial automobile program for five years.
QEO Group LLC is a privately owned, full-service MGA that offers commercial automobile insurance through its network of independent agents.
Clear Blue Financial Holdings LLC is a privately owned company, which through its wholly-owned subsidiaries offers fronting and related services to the U.S. insurance marketplace. Clear Blue is headquartered in Charlotte, North Carolina.
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses.