What Euclid Mortgage does

Euclid Mortgage is a Managing General Underwriter (MGU) founded in June 2024 as an affiliate of Euclid Program Managers, specializing in underwriting mortgage credit risk on behalf of insurance and reinsurance carriers. The company operates from Itasca, Illinois, with an estimated headcount of 10-15, anchored by four principals with a combined 100+ years of mortgage reinsurance experience and a track record of 200+ transactions since 1998 covering $80B+ in capacity across $2.5T+ of mortgages.

The core product is the Euclid Mortgage Carrier Partner Portal — a secure, cloud-based integrated mortgage risk management platform delivering underwriting, analytics, portfolio management, and carrier partner content. The product portfolio comprises three modules: Syndicated Solutions (lead underwriting on GSE Credit Insurance Risk Transfer programs including Fannie Mae CIRT/MCIRT and Freddie Mac ACIS/MCIP, plus mortgage insurer Excess of Loss and Quota Share structures), Innovative Programs (replicable, scalable reinsurance structures for banks, government agencies, investors, mortgage insurers, and mortgage servicers), and Bespoke Transactions (customized solutions for clients facing suboptimal portfolio concentrations or capital exigencies). Underlying technical capabilities include proprietary multi-model analytics for loan-level loss distribution, required capital, and premium calculations, plus an MSA-level information advantage aggregating income, employment, demographic, and rate-lock mortgage data, supplemented by a housing market advisory panel.

Euclid Mortgage earns revenue through MGU fees on underwriting services, transaction structuring (GSE and MI reinsurance), and portfolio management delivered to a curated panel of A/A- AM Best-rated (re)insurance carriers with approximately $14B in combined assets, $5B+ in surplus, and ~$7B in 2024 gross written premium. Go-to-market is enterprise direct sales targeting carriers, banks, government entities, investors, mortgage insurers, mortgage servicers, and the GSEs, supported by a content-led thought leadership channel via the corporate website and LinkedIn. The operating geography is the United States.

Name

Euclid Mortgage

Legal name

Euclid Insurance Services, Inc.

Website

https://euclidmortgage.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Euclid Mortgage is a Managing General Underwriter that underwrites mortgage credit risk on behalf of a panel of A-rated insurance and reinsurance carriers, structuring GSE credit risk transfer, mortgage insurer reinsurance, and bespoke capital-efficiency transactions for banks, investors, and servicers.

Ownership category

akta.pro rank

Product category

Mortgage Reinsurance Underwriting (MGU)

NAICS

Real Estate Credit (522292), Finance and Insurance (52)

SIC

Finance Services (6199)

akta.pro primary industry

Product, Pricing & Eligibility (PPE) / Rate Lock & Pricing Engines (FSALALAC)

akta.pro secondary industries

Quality Control (QC), Compliance & Audit Tools for Underwriting (FSALALAL), Commercial Mortgage Servicing & Asset Management (Master/Special) (FSALADAJ)

Keywords

• Mortgage credit risk underwriting
• Mortgage reinsurance structuring
• Managing general underwriting
• GSE credit risk transfer
• Mortgage portfolio analytics

Headquarters

HQ city

Itasca

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Managing General Agency Fees: Euclid Mortgage operates as a Managing General Underwriter (MGU) providing underwriting services for insurance and reinsurance companies. They earn fees for underwriting mortgage credit risk, structuring transactions (GSE Transactions, MI Reinsurance), and providing portfolio management services to carrier partners.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Euclid Mortgage operates as a Managing General Underwriter (MGU) underwriting mortgage credit risk on behalf of insurance and reinsurance companies. It provides turnkey access to the mortgage credit risk transfer market through a panel of high-quality A/A- rated carrier partners, offering syndicated GSE and mortgage insurer reinsurance solutions, innovative replicable structures, and bespoke transactions, all delivered through a cloud-based Carrier Partner Portal with proprietary analytics and MSA-level market insight.

Product overview

Euclid Mortgage operates as a managing general underwriter (MGU) specializing in mortgage credit risk. The core offering is the Euclid Mortgage Carrier Partner Portal — a secure, cloud-based integrated mortgage risk management platform through which all services and analytics are delivered. The product portfolio consists of Syndicated Solutions (GSE Transactions covering Fannie Mae CIRT, MCIRT and Freddie Mac ACIS, MCIP; plus Mortgage Insurer Transactions including Excess of Loss and Quota Share), Innovative Programs (replicable scalable structures for capital efficiency), and Bespoke Transactions (customized solutions for unusual situations). Supporting these are Carrier Partner Services encompassing Information Advantage, Macro Market Underwriting, Risk Appetite and Strategy, Micro Deal Level Underwriting, and Portfolio Management.

Differentiator

Problem solved

Functional benefit

Products and services

• Euclid Mortgage Carrier Partner Portal

Quantifiable outcome

• 5% Ceded Loss Ratio in Mortgage Reinsurance Market Performance since 2012
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Euclid Program ManagerscoreStrategic or Co-development Partner · 1 June 2024Euclid Mortgage is an affiliate of Euclid Program Managers, a family of specialty property-casualty insurance programs that enables best-in-class underwriters to be owner-operators of their business, while supporting them with the resources of Euclid's broader infrastructure.
• Fannie MaecoreStrategic or Co-development PartnerEuclid Mortgage provides underwriting services for Fannie Mae Credit Insurance Risk Transfer (CIRT) and Fannie Mae Multifamily Credit Insurance Risk Transfer (MCIRT) transactions.
• Freddie MaccoreStrategic or Co-development PartnerEuclid Mortgage provides underwriting services for Freddie Mac Agency Credit Insurance Structure (ACIS) and Freddie Mac Multifamily Credit Insurance Pool (MCIP) transactions.
• Mortgage InsurerscoreStrategic or Co-development PartnerEuclid Mortgage structures Excess of Loss and Quota Share reinsurance transactions for mortgage insurers, helping them satisfy capital standards (PMIERs).
• Euclid Mortgage Advisory PanelminorStrategic or Co-development PartnerAdvisory panel of housing and mortgage market luminaries to inform macro risk environment assessments.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Milliman: Global actuarial and consulting firm with a dedicated Mortgage Practice; Euclid's CRO co-founded the practice. Competes directly in mortgage risk analytics, deal structuring advisory, and reinsurance support for banks, mortgage insurers, reinsurers, and GSEs.

Broad incumbents

• NMI Holdings: US private mortgage insurance carrier that relies on reinsurance partners for capital relief under PMIERs. Euclid's mortgage insurer reinsurance underwriting directly serves this counterparty class.
• Guy Carpenter: Major global reinsurance brokerage and advisory firm with significant mortgage and credit reinsurance capabilities. Competes with Euclid in intermediating mortgage credit risk transfer transactions for carrier clients.
• Radian Group: US private mortgage insurance carrier that is a direct buyer of mortgage credit risk reinsurance; Euclid structures Excess of Loss and Quota Share reinsurance for similar counterparties, making them adjacent market participants on opposite sides of the same transactions.
• Swiss Re Credit & Mortgage Reinsurance: Global reinsurer with significant mortgage and credit reinsurance operations; Euclid's COO previously held general counsel roles at Swiss Re. Competes for GSE CRT and mortgage insurer reinsurance mandates.
• Enact Mortgage Insurance: US private mortgage insurance carrier (formerly Genworth Mortgage Insurance). Euclid structures mortgage insurer reinsurance to help carriers like Enact satisfy PMIERs capital standards, positioning Euclid as a key service provider to this segment.
• RenaissanceRe Mortgage Credit: Specialty reinsurer with a leading US PMI and GSE Credit Risk Transfer practice; Euclid's CUO previously led RenaissanceRe's Mortgage Credit business. Directly comparable in GSE CRT underwriting and portfolio management.
• Arch Mortgage Insurance: US private mortgage insurance carrier; a target buyer of Excess of Loss and Quota Share reinsurance structures that Euclid underwrites, making it an adjacent participant in the same mortgage credit risk transfer ecosystem.
• Aon Re Solutions: World's largest reinsurance broker with a dedicated mortgage reinsurance practice; Euclid's CEO was previously Global Growth Leader at Aon Re. Operates in the same mortgage credit risk transfer intermediation space but as a much larger, diversified broker.

Emerging players

• TigerRisk Partners: Independent reinsurance advisory and capital management firm active in mortgage and credit risk transfer. Competes with Euclid in providing structuring, placement, and underwriting advisory services to reinsurance carriers entering or expanding in mortgage credit.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/euclid-mortgage-insurance-services-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Euclid Mortgage