Fidelis Insurance Group, a Bermuda-based global specialty re/insurer, announced a new strategic partnership with Euclid Mortgage Insurance Services LLC, a managing general agency that specializes in underwriting credit risk on portfolios of residential mortgages.
Fidelis Insurance Group will provide reinsurance capacity to Euclid Mortgage, along with other reinsurers. This partnership closely aligns with Fidelis Insurance Group’s strategy of identifying new opportunities to provide long-term capacity to best-in-class underwriters.
This agreement with Euclid Mortgage marks the first partnership Fidelis Insurance Group has made outside of its relationship with its foundational partner The Fidelis Partnership.
Commencing Jan. 1, 2025, this partnership between Fidelis Insurance Group and Euclid Mortgage is estimated to produce approximately $35 million of gross premiums written in 2025.
“This partnership is an exciting opportunity to work with an underwriting team that has decades of experience and is well known and respected in the U.S. mortgage re/insurance market,” commented Dan Burrows, chief executive officer of Fidelis Insurance Group.
“While The Fidelis Partnership remains our cornerstone partner, this opportunity to support a new partner with proven expertise in an attractive line of business is a natural evolution as we continue our journey to diversify and strengthen our portfolio,” Burrows added. “Given the strong credentials of the Euclid Mortgage team, we anticipate this partnership will contribute to our overarching goal of sustained growth and profitability through the cycle.”
“We are thrilled to embark on this strategic partnership with Fidelis Insurance Group. We have enormous respect for the Fidelis Insurance Group team, who have demonstrated true leadership and innovation,” according to Joe Monaghan, managing principle and chief executive officer of Euclid Mortgage. “Together, we will bring similar leadership, innovation, and a long-term commitment to the mortgage reinsurance market.”
Source: Fidelis Insurance Group
Topics Insurance Wholesale
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