Specialist reinsurance broker Capsicum Re has announced the appointment of Stephen Mathews to its Mortgage Indemnity Reinsurance division.
Based in Capsicum Re’s New York office, Mathews will now head up the division’s global analytics capability.
He joins the company from Guy Carpenter, where he most recently served as Managing Director, having been recruited by senior management from his role in Guy Carpenter Securities to act as a co-founder of the broker’s Mortgage Credit Speciality Reinsurance Practice.
In this role, Mathews utilised his mortgage and capital markets expertise to lead Guy Carpenter’s entry into Credit Risk Transfer (CRT) reinsurance.
Mathews has 20 years of reinsurance, capital markets, and advisory experience, including extensive mortgage insurance expertise from his prior roles with Willis Capital Markets & Advisory, Banc of America Merrill Lynch, and Goldman Sachs & Co.
In his new position, Mathews will report to Steven Rance, Managing Partner of Mortgage Indemnity Reinsurance at Capsicum Re, who commented: “Mortgage risk transfer presents a significant opportunity in a challenging reinsurance market environment and lender appetite is strong and growing.”
“Since we launched this division in 2017 we have had some great successes notably delivering reinsurance capacity for IMAGIN, the mortgage credit risk transfer (MRT) program created by Freddie Mac in conjunction with Arch and for EPMI, the Fannie Mae MRT vehicle,” Rance explained.
“Stephen has a great reputation in the market; his invaluable experience and insight will enable us to grow and continue to provide bespoke and innovative solutions in the mortgage space.”
Mathews also stated: “I am delighted to be joining the Capsicum Re team. Steve is well respected in this field and his experience and track record as a mortgage insurance executive is a key competitive advantage.”
“There is huge growth potential in this class of business and I am excited to be part of an entrepreneurial company like Capsicum Re,” he continued.
“We are building a differentiated business that is focused on providing innovative solutions and unbiased advice for our clients and reinsurance partners on a global basis.”