BMS Re has acted as broker in a legacy reinsurance transaction on behalf of Applied Medico-Legal Solutions Risk Retention Group (AMS RRG).
The reinsurance broker was involved in the transaction of adverse development cover (ADC), which was reinsured by Genesis Legacy Solutions (GLS), a specialist acquirer of legacy liabilities, and was designed to meet AMS RRG’s specific requirements.
The transaction was part of AMS RRG’s strategy to receive an ‘A-’ initial rating by A.M. Best to consolidate the group’s capital position. The Arizona-domiciled domestic casualty insurance company provides medical professional liability insurance and enterprise risk management solutions to individual physicians and physician groups.
As the specialist reinsurance arm of the global broking group, BMS Re’s legacy practice facilitated the ADC alongside its capital advisory, ratings and pathlight analytics functions.
Mory Katz, legacy practice leader at BMS Re, comments: “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.”
Richard Welch, CEO of AMS RRG, adds: “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.”
Brian Johnston, CEO of GLS, concludes: “We are delighted to have worked closely with AMS RRG and BMS Re to provide this ADC cover from our Vermont cell to achieve an ‘A-’ rating by A.M. Best and stronger capital position for AMS RRG. GLS is well positioned for continued success in 2022 with a robust pipeline of legacy opportunities from a variety of sources.”
