Genesis Legacy Solutions (GLS) has completed a transaction to provide medical expense reimbursement cover to the Washington DC cell of the Mary Free Bed Rehabilitation Hospital (MFB).
With a facility network across 39 cities, MFB specialises in value-based rehabilitation and post-acute care.
The reinsurance cover will enable MFB to expand its managed care services on behalf of workers’ compensation insurers and injured claimants, as well as to manage exposure to adverse medical cost development more effectively.
Commenting on the agreement, Brian Johnston, CEO of GLS, says: “We are delighted to have worked closely with MFB to provide this cost reimbursement cover from our Vermont cell to assist in MFB’s expansion plans.
“We would also like to thank the Vermont Department of Financial Regulation for their professional and thorough review of this opportunity, as well as their quick turnaround in approving the transaction.”
Bill Lape, president of MFB PCC, adds: “It was a pleasure working with the Genesis team, who presented a number of reinsurance options to allow us to close our first bundled cost deal with an insured party. We believe this partnership will permit us to achieve our goal of being the premier provider of managed care services for insured’s complex cases.”
As part of Bermuda-based holding company Maiden Holdings, GLS is a specialist acquirer of legacy liabilities. The firm was recently involved in a similar legacy reinsurance transaction for adverse development cover for Applied Medico-Legal Solutions Risk Retention Group.
