Genesis Legacy Solutions (GLS), part of the Maiden Holdings has issued its first Loss Portfolio Transfer Agreement through its Vermont cell to an affiliate of Cypress Property & Casualty Insurance Company.
This agreement reinsures Cypress’ commercial general liability portfolio written in Florida and Texas from 2008 through 2020.
Stonybrook Risk Management advised Cypress on this transaction.
GLS CEO Brian Johnston said: “We are delighted to have issued this first LPT from our newly formed Vermont captive cell.
“We worked closely with both the Cypress management team and the Vermont Department of Financial Regulation – Captive Insurance Division and now have a template for future transactions under the Vermont captive legislation.
“GLS worked closely with the Maiden team on this transaction, and we look forward to executing many more. Our pipeline continues to be strong, and we are currently evaluating many opportunities from a variety of sources.
“We enjoyed working with Paul Dzielinski and his team at Stonybrook. They showed a thorough understanding of the deal and of their client’s needs.”
