One80 Intermediaries, a specialty insurance broker headquartered in Boston, has launched GeneBridge in response to the escalating costs associated with gene therapy treatments.
The introduction of GeneBridge comes With the number of gene and cell therapies expected to double over the next two years.
One80 identified a significant need to protect employer groups and health plans from the potentially catastrophic financial impacts of these high-cost claims.
The offering is a reinsurance facility specifically designed to support blocks of business, including employer stop loss programs and health plans.
This innovative product provides reimbursement up to a scheduled amount for the list price and administration of FDA-approved gene therapies, helping to manage and mitigate financial risk.
More than 10,000 diseases are linked to genetic disorders, driving rapid growth in approved treatments. With each therapy averaging a cost of over $2.5m, the frequency and financial impact of high-cost claims are expected to increase significantly. GeneBridge aims to provide much-needed financial protection in this burgeoning area of medical advancement.
GeneBridge will be administered through One80’s medical stop loss practice, a full-service Managing General Underwriter (MGU).
This division of One80 is known for its comprehensive approach to managing medical stop loss insurance, ensuring robust support and effective risk management for clients.
One80 Intermediaries president Matthew Power said, “With the number of gene and cell therapies expected to double over the next two years, we saw a great need to mitigate the potentially catastrophic financial impact one or more of these claims would have on programs and employer groups,” said Matthew Power, President of One80 Intermediaries.
“With GeneBridge, One80 is at the forefront of providing clients with protection for a rapidly growing area of high-cost claims.”
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