Maiden’s Genesis helps in managed care
Genesis Legacy Solutions, a unit of Bermuda’s Maiden Holdings, Ltd. announced an agreement to provide a medical expense reimbursement cover to the Washington, DC cell of the Michigan based Mary Free Bed Rehabilitation Hospital.
MFB has a facility network that spans 39 cities and specializes in value-based rehabilitation and post-acute care.
Maiden said the transaction helps accomplish MFB’s goal of expanding its managed care services on behalf of workers compensation insurers and their injured claimants.
The reinsurance will assist MFB in managing its exposure to adverse medical cost development as it expands in this sector.
Brian Johnston, CEO of Genesis, commented: “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 commented further: “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.”
GLS is a specialist acquirer of legacy liabilities, particularly those in run-off or with blocks of reserves that are no longer core to operations. Genesis works with clients offering customized capital relief solutions, including reinsurance transactions and acquisitions of companies.