Skyward Specialty has launched a mortgage (re)insurance unit led by Jean-Philippe Latour, who joined the carrier in May from Vantage Risk as senior vice president.

Joe Monaghan’s newly formed MGU Euclid Mortgage has formed an advisory panel for clients ahead of its planned underwriting launch on 1 January 2025,

Euclid Program Managers has announced the launch of Euclid Mortgage, an MGU led by sector veterans Joe Monaghan and Joe Hissong which underwrites mortgage credit risk on behalf of insurers and reinsurers, in a move first revealed by this publication.

Mortgage insurers are undervalued by investors with a valuation similar to specialty finance, despite delivering more book value growth and better ROE on average than both that sector and specialty insurance, analysts from BofA Securities have suggested.

Euclid Mortgage’s newly installed managing principal and CEO Joe Monaghan has said that the MGU is being set up to seize on an expected rebound in the housing market as interest rates come down and pent-up demand leads to more issuance.

Aon Reinsurance Solutions’ global growth leader Joe Monaghan is exiting his role to launch a new mortgage MGU with Euclid Program Managers,

NMI Holdings has appointed Aurora Swithenbank as executive vice president and chief financial officer, with the executive joining the mortgage insurer after serving as CFO of Bermudian (re)insurer Vantage Group.

Old Republic has agreed a deal to sell its run-off mortgage business to Arch’s growing mortgage insurance (MI) operation for consideration of around $140mn, in a transaction advised on by Insurance Advisory Partners.

Core Specialty Insurance Holdings has entered the mortgage reinsurance market in collaboration with Enact Holdings, with the Jeff Consolino-led insurer providing excess of loss reinsurance on selected Freddie Mac and Fannie Mae mortgages.

Lockton Re has launched a global mortgage and structured credit segment co-led by Sean Hannah and Joe Koebele.

Reinsurance broker Gallagher Re is in talks with 20 reinsurers over securing additional backing for a new UK mortgage indemnity scheme which is working to address the social challenges around home ownership faced by first-time buyers.

The best possible returns available to Arch Capital Group are currently coming from its mortgage business, although its P&C reinsurance and insurance operations are close behind given the continued hardening conditions, according to chairman and CEO Marc Grandisson.

Arch Mortgage Insurance Company (Arch MI) has obtained over $639mn of indemnity reinsurance in its third mortgage insurance-linked note transaction of 2021 and the 17th Bellemeade deal since the program’s inception in 2015.

Private mortgage insurer Enact Holdings has completed an initial public offering (IPO) as well as a private sale of shares to Bayview Asset Management, with parent Genworth intending to use the $535mn in proceeds it received after underwriters’ fees to repay a note secured to cover a settlement with Axa.

Axis Re’s Kavan Tucker outlines current trends in the mortgage reinsurance space.