BMS Re, the independent reinsurance broker, today announces that it has acted as the broker for a legacy reinsurance transaction on behalf of its long-standing client, Applied Medico- Legal Solutions Risk Retention Group (AMS RRG).
The transaction is an adverse development cover (ADC) reinsured by a subsidiary of Genesis Legacy Solutions, which assisted in developing an innovative and bespoke structure, designed to serve AMS RRG’s particular requirements.
Completion of this transaction served as part of AMS RRG’s comprehensive strategy to achieve an A- initial rating by AM Best, which was accomplished in December. This enhances AMS RRG’s capital position which they expect will facilitate additional growth.
This transaction marks the latest from BMS Re’s thriving legacy practice, which continues to move from strength to strength. BMS Re facilitated the ADC in co-ordination with other areas of BMS, including its Capital Advisory, Ratings and Pathlight Analytics areas, reinforcing the BMS value proposition of bringing total solutions to its clients with an emphasis on analytics.
Richard Welch, the CEO of AMS RRG commented on the transaction: “At AMS RRG we focus on providing valuable solutions to our members and we look for the same in our partners. We are happy to have had BMS along for our successful journey and look forward to doing more together in the future”.
Mory Katz, legacy practice leader at BMS Re, said: “This transaction demonstrates how a legacy transaction can produce a positive outcome for even strong, well-capitalised companies. We are very grateful to have been given the opportunity to assist our valued client with this transaction.”
