Genesis Legacy Solutions will provide legacy services to small US insurance firms, working with clients to develop finality solutions including acquiring entire companies
Bermuda-based insurance subsidiaries holding firm Maiden Holdings has established a new Genesis Legacy Solutions (GLS) to provide legacy services.
GLS will provide a complete range of legacy services to small US insurance firms, specifically those in run-off or with reserves that are no longer core, and working with clients to develop and implement finality solutions.
The new firm will be led by Brian Johnston as chief executive officer and chief financial officer, along with Tom Hodson as deputy CEO and general counsel, and Stephanie Mocatta as executive vice president for business development.
The GLS team is experienced in the finality and legacy solutions segment, most recently at SOBC DARAG, and is specialised in solutions dedicated for smaller insurance companies.
Johnston said: “We are delighted to be working with Pat, Larry and the Maiden team. There is depth and breadth of insurance knowledge within Maiden which is both complementary to the GLS team and will allow us to grow and develop our business. Maiden have been extremely positive about GLS’s business plan and are keen to help us expand.”
Maiden operates insurance subsidiaries that offer speciality reinsurance products for the international property and casualty market.
The company operates Maiden Re, and Maiden Specialty as subsidiaries in the US, along with Maiden International in Europe, and Maiden Insurance in Bermuda.
Maiden said that the formation of GLS is in line with its longer-term strategy.
With the formation of GLS, and other recent investments insurance industry, the company to leverage its knowledge while not re-entering into active underwriting and maintaining an operating profile.
Maiden said that the GLS team will enhance its profitability through both fee income and effective claims management services.
Also, the new firm will increase its asset base through the addition of blocks of reserves or companies that can be successfully wound down.
Maiden co-chief executive officers Patrick Haveron and Lawrence Metz said: “This should further enhance our ability to pursue the asset and capital management pillars of our strategy.
“The GLS team brings a wealth of knowledge, experience and well-known market presence that should enable them to quickly activate its strategy. We are excited to have the GLS team join Maiden and look forward to supporting Brian, Tom, Stephanie and the team in developing and growing GLS.”