Joe Monaghan and Joe Hissong, leaders in the mortgage reinsurance industry form Euclid Mortgage, LLC offering unparalleled expertise and turn-key access to the mortgage reinsurance industry.
ITASCA, Ill., June 10, 2024 /PRNewswire-PRWeb/ -- Euclid Program Managers ("Euclid"), today announced the launch of Euclid Mortgage, LLC ("Euclid Mortgage"). Euclid Mortgage is a Managing General Underwriter (MGU) underwriting mortgage credit risk on behalf of insurers and reinsurers. The company is being formed by two of the mortgage reinsurance industry's most experienced leaders: Joe Monaghan and Joe Hissong.
The two Principals bring more than 50 years of experience, offering unparalleled expertise and turn-key access to the mortgage reinsurance market for carriers interested in this highly profitable and diversifying line of business.
Joe Monaghan will be the company's Managing Principal and Chief Executive Officer, after leading the development of the post-GFC mortgage reinsurance market at Aon (NYSE: AON), which maintains a leading market position in the space. Joe Hissong joins as the Chief Operating Officer of the company. Hissong was a founding investor and board member on behalf of PartnerRe in Essent Group, Ltd. (NYSE: ESNT, one of six licensed mortgage insurers in the US), and later served as President of Essent's Bermuda reinsurer, where he led the establishment of its MGA.
"Euclid Mortgage fills a void in the market and provides immediate and scalable access to the highly profitable and diversifying mortgage reinsurance market," observed Monaghan. "We aim to be a market leader in capacity, technology, and innovation."
Hissong highlighted that, "We believe the combination of our experience, digital platform, scope of services, and the fact that we operate across the entire US mortgage reinsurance market offers unique and compelling value to our carrier partners."
Elaborating on the platform strengths, Hissong noted, "We will utilize best in class analytics combining third party and proprietary models which will drive highly accretive and stable returns for our carrier partners and deliver structural innovation, tailored solutions, and reliable costs for cedents."
"We believe we have assembled the 'Dream Team' of mortgage (re)insurance experts at Euclid Mortgage," commented John Colis, President and CEO of Euclid Insurance Services. "No one can match their expertise, contacts, or portfolio optimization analytics, and we are delighted to partner with them."
"It is an ideal time to launch Euclid Mortgage," Monaghan added. "This segment has generated more than $11 billion of profit for reinsurers since the Great Financial Crisis and has shown that it can weather substantial spikes in defaults like we observed during the COVID pandemic. Mortgage originations are poised to grow significantly as and when mortgage rates decline, and that will generate additional reinsurance demand as well as opportunities for structural innovation."
About Euclid Program Managers
Euclid Program Managers ("Euclid") is a family of insurance program managers built on a platform of excellence. Each Euclid underwriting company is run by best-in-class underwriters who are equity partners in their business. This owner-operator model, combined with the resources of Euclid's broader infrastructure, leads to the highest level of underwriting results. For more information visit www.euclidprograms.com
About Euclid Mortgage
Euclid Mortgage analyzes, underwrites and manages mortgage credit risk on behalf of insurers and reinsurers delivering innovative risk and capital solutions to financial institutions and government agencies.. It offers turn-key access to the mortgage reinsurance market, backed by leading analytics informed by decades of experience and powered by a state-of-the-art technology.
Media Contact
Joe Hissong, Euclid Mortgage, (630) 238-2739, [email protected]
SOURCE Euclid
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