Bermuda-based Maiden Holdings has formed Genesis Legacy Solutions (GLS), which will offer a range of legacy services to small insurance firms in the US.
Led by Brian Johnston as CEO and chief financial officer, GLS will collaborate with clients to develop and implement finality solutions including acquiring entire companies.
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He will be joined by deputy CEO and general counsel Tom Hodson and executive vice-president Stephanie Mocatta to lead GLS’s business development.
The team is said to have extensive experience in the finality and legacy solutions space and specialises in solutions oriented for smaller insurance companies.
Johnston said: “We are delighted to be working with Pat, Larry and the Maiden team. There is depth and breadth of insurance knowledge within Maiden which is both complementary to the GLS team and will allow us to grow and develop our business. Maiden have been extremely positive about GLS’s business plan and are keen to help us expand.”
Commenting on the development, Maiden co-CEOs Patrick Haveron and Lawrence Metz said: “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.
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By GlobalData“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.
They 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, Tom, Stephanie and the team in developing and growing GLS.”
