JLT Re launches mortgage insurance business in North America
JLT Re has launched JLT Re Global Mortgage Solutions in North America.
Working with government sponsored entities (GSEs), domestic mortgage insurers, mortgage lenders and house builders, the business will provide re/insurance structures which can help all these entities manage their mortgage risk and enhance their core propositions.
Steve Rance has been appointed executive vice president of the new offering, which is part of JLT Re (North America).
Prior to joining JLT in 2008 Rance was managing director for structured transactions at Genworth Mortgage Insurance and European managing director at Radian, a US mortgage insurer.
Ed Hochberg, chief executive officer, JLT Re in North America, said: “This is a great opportunity for JLT Re to build on the extensive experience and specialty expertise from across the JLT Group in mortgage risk”
“Steve Rance is the ideal person to drive this initiative. In addition to more than two decades of experience in mortgage risk management and insurance, he was instrumental in the launch of JLT Lending Risk Solutions nine years ago.”
He added: “During this time Steve delivered NewBuy, the UK’s first government-backed mortgage indemnity programme which was conceived, implemented and is still managed by JLT. Steve will be working closely with Gregg Holtmeier who leads our western region and brings additional experience and capability to this offering.”
Rance, said: “Whilst today's US mortgage marketplace benefits from improved macroeconomic factors, following the global economic decline of 2007 to 2010, the GSE’s are working to share credit default risk through the capital markets and the (re)insurance markets to support liquidity and stability in the US housing market.”
“We have been working for many years with a diverse range of re/insurers across Europe, Asia and around the globe that are now looking for intelligent ways to support the US mortgage insurance and housing market.”
He added: “For myself and the wider team we are very excited about working with clients in this area, introducing new ideas and capacity generated through almost ten years of post-downturn mortgage risk management.”
Holtmeier concluded: “This is clearly an area where JLT Re can offer innovative solutions built on our experience and the unique insight created through our proprietary analytical tools.”
