Maiden Holdings, a Bermuda-based holding company, announced the formation of Genesis Legacy Solutions (GLS).
GLS will specialise in providing a full range of legacy services to small US insurance entities, particularly those in run-off or with blocks of reserves that are no longer core, working with clients to develop and implement finality solutions including acquiring entire companies.
The GLS team will be led by Brian Johnston as CEO and chief financial officer, joined by Tom Hodson as deputy CEO and general counsel and Stephanie Mocatta as executive vice-president, leading GLS’s business development.
The GLS team has extensive experience in the finality and legacy solutions segment, most recently at SOBC DARAG, and specialises in solutions-oriented for smaller insurance companies.
Maiden’s co-chief executive officer, Patrick Haveron, stated: “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.”
Lawrence Metz, Maiden’s co-chief executive officer, noted: “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.”
Haveron added: “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 Johnston, Tom Hodson, Stephanie Mocatta and the team in developing and growing GLS,” Metz concluded.
