Michigan’s MFB secures reinsurance to support expansion

Legacy liabilities specialist Genesis Legacy Solutions (GLS) has agreed to provide medical expense reimbursement coverage to the Washington, D.C. cell of Michigan-based Mary Free Bed Rehabilitation Hospital (MFB).

MFB has a facility network across 39 cities and specialises 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.

The cover from Genesis Legacy Solutions, part of Bermuda-based Maiden Holdings, will help MFB expand its managed care services on behalf of workers compensation insurers and claimants by managing its exposure to adverse medical cost development.

“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,” said Bill Lape, president of MFB PCC.

“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,” GLS CEO Brian Johnston added. “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.

“GLS is well positioned for continued success in 2022 with a robust pipeline of opportunities from a variety of sources.”