Fidelis Insurance Group, a global specialty insurer, has formed a strategic partnership with Euclid Mortgage Insurance Services, LLC (Euclid Mortgage), a managing general agency specialising in underwriting credit risk on residential mortgage portfolios.
Through this agreement, Fidelis Insurance, alongside other reinsurers, will provide reinsurance capacity to Euclid Mortgage.
This collaboration aligns with Fidelis Insurance’s strategy of identifying opportunities to offer long-term capacity to leading underwriters.
The collaboration with Euclid Mortgage marks Fidelis Insurance’s first partnership beyond its foundational partner, The Fidelis Partnership.
Dan Burrows, CEO of Fidelis Insurance Group, commented, “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.”
Burrows continued, “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. 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.”
Joe Monaghan, Managing Principal and CEO of Euclid Mortgage, said, “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. Together, we will bring similar leadership, innovation, and a long-term commitment to the mortgage reinsurance market.”
Starting January 1, 2025, this partnership is projected to generate approximately $35 million in gross premiums in 2025.
This announcement follows Fidelis Insurance Group’s recent third-quarter results for 2024.
