Maiden Holdings, Ltd. Announces Formation of Genesis Legacy Solutions
December 04 2020 - 8:00AM
Business Wire
Maiden Holdings, Ltd. (NASDAQ: MHLD) ("Maiden") today announced
the formation of Genesis Legacy Solutions (“GLS”). GLS will
specialize in providing a full range of legacy services to small
U.S. insurance entities, particularly those in run-off or with
blocks of reserves that are no longer core, working with clients to
develop and implement finality solutions including acquiring entire
companies. The Genesis team will be led by Brian Johnston as Chief
Executive Officer and Chief Financial Officer, joined by Tom Hodson
as Deputy CEO and General Counsel and Stephanie Mocatta, Executive
Vice President, leading GLS’s business development. The GLS team
has extensive experience in the finality and legacy solutions
segment, most recently at SOBC DARAG, and specializes in solutions
oriented for smaller insurance companies.
Johnston stated: “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.”
Maiden’s Co-Chief Executive Officers Patrick J. Haveron and
Lawrence F. Metz stated: “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. 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. 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.”
About Maiden Holdings,
Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007.
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version on businesswire.com: https://www.businesswire.com/news/home/20201204005077/en/
Contact at GLS: For corporate
information: Brian Johnston: brian.johnston@glslimited.com +1 (215)
805-0272 Tom Hodson: thomas.hodson@glslimited.com +1(860)
614-3656
To discuss a specific opportunity: Stephanie Mocatta:
stephanie.mocatta@glslimited.com +44 (7977) 071 125
Sard Verbinnen & Co. Maiden-SVC@sardverb.com
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