Bermuda-based re/insurer Maiden Holdings has announced the formation of a new legacy solutions unit that will specialise in providing services to small US insurance entities.
Genesis Legacy Solutions (GLS) will focus in particular on clients in run-off or with blocks of reserves that are no longer core.
The Genesis team will be led by Brian Johnston as Chief Executive Officer and Chief Financial Officer.
He will be joined by Tom Hodson as Deputy CEO and General Counsel and Stephanie Mocatta as Executive Vice President, leading GLS’s business development.
This team has extensive experience in the finality and legacy solutions segment, most recently at SOBC DARAG, and has expertise in solutions oriented for smaller insurance companies.
“We are delighted to be working with Pat, Larry and the Maiden team,” said Johnston. “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’s Co-Chief Executive Officers Patrick J. Haveron and Lawrence F. Metz also commented: “The formation of GLS is highly complementary to our overall longer-term strategy. GLS, along with other recent insurance industry investments, are enabling Maiden to leverage its knowledge base while not re-entering active underwriting and maintaining an efficient operating profile.”
“We believe the GLS team will not only enhance Maiden’s profitability through both fee income and effective claims management services, but it will also increase our asset base through the addition of blocks of reserves or companies that can be successfully wound down. This should further enhance our ability to pursue the asset and capital management pillars of our strategy,” Haveron and Metz continued.
“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.”
