Maiden hires ex-SOBC DARAG team to run new Genesis Legacy Solutions unit

Maiden Holdings has formed Genesis Legacy Solutions (GLS), a unit that provides legacy services to small US insurance entities, which is operated by a team snared from SOBC DARAG.

The Genesis team is led by Brian Johnston, chief executive officer and chief financial officer, and Tom Hodson, the deputy chief executive and general counsel. Stephanie Mocatta serves as executive vice president and leads business development.

Johnston said: “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’s co-chief executive officers Patrick Haveron and Lawrence Metz said the formation of GLS complements Maiden’s 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,” they said.

“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. This should further enhance our ability to pursue the asset and capital management pillars of our strategy.”