The company will be led by Joe Monaghan and Joe Hissong (both pictured). Monaghan will hold the positions of CEO and Managing Principal. He previously led the development of the post- Global Financial Crisis mortgage reinsurance market at AON, which remains a market leader.
Hissong will be COO. He was a founding investor and board member for PartnerRe in Essent Group and then served as President of Essent’s reinsurer, where he helped found its MGA.
Monaghan commented on the launch: “Euclid Mortgage fills a void in the market and provides immediate and scalable access to the highly profitable and diversifying mortgage reinsurance market. We aim to be a market leader in capacity, technology, and innovation. It is an ideal time to launch Euclid Mortgage.”
“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,” he added.
Hissong also reflected: “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. We will utilise 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.”
Finally, John Colis, President and CEO of Euclid Insurance Services, added: “We believe we have assembled the ‘Dream Team’ of mortgage (re)insurance experts at Euclid Mortgage. No one can match their expertise, contacts, or portfolio optimization analytics, and we are delighted to partner with them.”
