Reinsurance broker BMS Re acted as the broker for a legacy reinsurance transaction between its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG) and a subsidiary of Genesis Legacy Solutions.
The legacy transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which helped with the development of an innovative and bespoke structure.
The ADC transaction was part of AMS RRG’s strategy to achieve an A- initial rating by AM Best, which it did in December 2021. AMS RRG feels that this enhances its capital position and will facilitate additional growth.
Independent reinsurance broker BMS Re facilitated the ADC in coordination with its Capital Advisory, Ratings and Pathlight Analytics areas. The transaction is the latest from the broker’s legacy practice, with “continues to move from strength to strength.”
Richard Welch, the Chief Executive Officer (CEO) of AMS RRG, commented: “At AMS RRG we focus on providing valuable solutions to our members and we look for the same in our partners. We are happy to have had BMS along for our successful journey and look forward to doing more together in the future.”
Mory Katz, legacy practice leader at BMS Re, added: “This transaction demonstrates how a legacy transaction can produce a positive outcome for even strong, well-capitalised companies. We are very grateful to have been given the opportunity to assist our valued client with this transaction.”