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Fidelis Insurance Group to partner with Euclid Mortgage

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Dan Burrows, CEO of Fidelis Insurance Group (File photograph)

Bermudian-based Fidelis Insurance Holdings Ltd has announced a strategic partnership with Euclid Mortgage Insurance Services LLC, an Illinois-based managing general agency specialising in underwriting credit risk on portfolios of residential mortgages.

Fidelis Insurance Group said it will provide reinsurance capacity to Euclid Mortgage, along with other reinsurers.

The global specialty insurer said 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 marks the first partnership that Fidelis has made outside of its relationship with its foundational partner, The Fidelis Partnership.

Commencing January 1, the company said, this partnership between Fidelis and Euclid is estimated to produce approximately $35 million of gross premiums written in 2025.

Dan Burrows, chief executive of Fidelis Insurance Group, said: “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 US mortgage [insurance and reinsurance] market.”

He added: “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 chief executive 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.”

Joe Monaghan, managing principal and chief executive of Euclid Mortgage (File photograph)

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Published November 13, 2024 at 12:12 pm (Updated November 13, 2024 at 12:12 pm)

Fidelis Insurance Group to partner with Euclid Mortgage

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