The solution mitigates the financial impact of high-cost gene therapy claims.
BOSTON, MA – July 1st, 2024 – One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced the launch of GeneBridge, an innovative product created to mitigate the financial impact of high-cost gene therapy claims.
GeneBridge is a reinsurance facility designed for blocks of business including employer stop loss programs and health plans. Programs that purchase GeneBridge are reimbursed up to a scheduled amount for the list price and administration of the FDA-approved therapies.
More than 10,000 diseases are linked to genetic disorders fueling a rapid growth in approved treatments. At an average cost per therapy of over $2.5 million, related high-cost claims are expected to grow at an equally rapid pace.
“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,” he continued.
The program will be administered through One80’s medical stop loss practice, a full-service Managing General Underwriter.
###
Media Contact:
Lenika P. Milne
(786) 865-4614
About One80 Intermediaries
One80 Intermediaries is a privately held leading insurance wholesaler and program manager with offices in more than 55 locations throughout the United States and Canada. The company offers placement services and binding authority for property and casualty, financial lines, benefits, life, travel/accident and health, affinity and administrative services, warranty business and specialty coverage. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to insurance markets in the United States, Canada, Europe and Asia. For more information visit: www.one80.com