Stonybrook Capital & Risk Management has completed the Loss Portfolio Transfer between Cypress Property & Casualty Insurance Company (Cypress), and Genesis Legacy Solutions (GLS), part of Maiden Holdings.
This agreement reinsures Cypress’ artisan general liability portfolio written in Florida and Texas from 2008 through 2020.
Cypress Group Holdings is the holding company for Cypress Property and Casualty Insurance Company, which provides insurance within the states of Florida and Texas.
In 2014, the company was purchased by a group of investors led by seasoned reinsurance executives Joe King, Enda McDonnell and Adrian Ryan.
GLS specialises in providing a full range of legacy services to US insurance entities, particularly those in runoff or with blocks of reserves that are no longer core, working with clients to develop and implement finality solutions including acquisition of entire companies.
Paul Dzielinski, Managing Director at Stonybrook Risk Management, said: “Stonybrook appreciates the trust Cypress put in our ability to find them a cost effective, financially secure solution to their artisan contractor’s book. Our market knowledge and analytic capabilities supported this successful outcome.
“The Genesis Legacy Solutions team were very responsive to Cypress’ needs for a cost-efficient structure, and willing to be flexible in structuring a winning solution.”
GLS CEO Brian Johnston said: “Stonybrook Risk Management advised Cypress on this transaction. 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.”
