Genesis Legacy Solutions (GLS) has issued its first loss portfolio transfer agreement (LPT) through its Vermont cell to an affiliate of Cypress Property and Casualty Insurance Company. The LPT agreement reinsures Cypress’ commercial general liability portfolio written in the states of Florida and Texas from 2008 to 2020. Formed in December 2020 as part of Maiden Holdings, a Bermuda-based holding company, GLS provides a full range of legacy services to US insurance entities, specialising in offering solutions for legacy books and poor-performing portfolios, as well as claims, reinsurance, structural and operational issues. Brian Johnston, CEO of GLS, comments: “We are delighted to have issued this first LPT from our newly-formed Vermont captive cell. We worked closely with both the Cypress management team and the Vermont Department of Financial Regulation’s captive insurance division and now have a template for future transactions under the Vermont captive legislation.” “GLS worked closely with the Maiden team on this transaction, and we look forward to executing many more. Our pipeline continues to be strong, and we are currently evaluating many opportunities from a variety of sources,” he adds.
