Genesis Legacy Solutions (“GLS”), part of Maiden Holdings, Ltd. (NASDAQ: MHLD), announced today an agreement to provide a medical expense reimbursement cover to the Washington, D.C. 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. This reinsurance will assist MFB in managing its exposure to adverse medical cost development as it expands in this sector.
Brian Johnston, CEO of GLS, 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 that “GLS is well positioned for continued success in 2022 with a robust pipeline of opportunities from a variety of sources.”