GLS sees ‘robust pipeline’ of deals & reinsurance opportunities in 2023

Genesis Legacy Solutions (GLS),  a specialist acquirer of legacy liabilities and part of Bermuda-based  Maiden Holdings, sees a “robust pipeline” of both acquisition and reinsurance opportunities in the legacy space from a variety of sources in 2023.

GLS has acquired 100% of the stock of CPA Insurance, which was recently formed from the reorganisation of the former CPA Mutual Insurance Company of America Risk Retention Group (CPAM).

CPAM previously provided professional liability insurance, employment practices liability insurance and cyber risk liability insurance on a claims-made basis to CPA firms across the US. CPAM entered into run-off on January 1, 2021.

Brian Johnston, CEO of GLS, said: “We are delighted to have offered a solution as an exit strategy to CPAM’s RRG’s members. This transaction further establishes GLS as a reliable legacy solution provider for middle market transactions.

“Entering 2023, we have a robust pipeline of both acquisition and reinsurance opportunities in the legacy space from a variety of sources.”

Bill Thompson, former president of CPAM, commented: “It was a pleasure working with the Genesis team who conducted the due diligence with transparency and a full understanding of the complexities of the balance sheet. Given the uncertainty of outcomes on open claims, this transaction resolves those issues for our members.”

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