12 April 2022News

Maiden’s Genesis closes managed care reinsurance deal

Genesis Legacy Solutions (GLS), a legacy specialist that is part of Bermuda-based Maiden Holdings, has closed a reinsurance agreement to provide a medical expense reimbursement cover to the Washington, DC cell of the Michigan-based Mary Free Bed Rehabilitation Hospital (MFB).

MFB has a facility network that spans 39 cities and specializes in value-based rehabilitation and post-acute care. This transaction helps accomplish MFB’s goal of expanding its managed care services on behalf of workers’ compensation insurers and their injured claimants.

The company said the reinsurance will assist MFB in managing its exposure to adverse medical cost development as it expands in this sector.

Brian Johnston, CEO of GLS, said: “We are delighted to have worked closely with Bill Lape and 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.”

Johnston added: “GLS is well positioned for continued success in 2022 with a robust pipeline of opportunities from a variety of sources.”

Bill Lape, President of MFB PCC, commented: “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.”