Exclusive: Euclid Mortgage hires former RenRe mortgage head Bath as CUO; GWP hits $325 million

By James Thaler

July 1 - (The Insurer) - Euclid Mortgage has hired RenaissanceRe’s former Bermuda-based head of mortgage Stephen Bath as chief underwriting officer and Adam Prunty from MS Re as head of technical underwriting, with the MGU already topping $325 million in written premium a year after launch.

Bath left his role with RenRe last December after over a dozen years with the company and a little under a year serving as head of mortgage, where he managed the firm’s assumed reinsurance mortgage portfolio and bespoke ceded strategies.

A spokesperson for Euclid Mortgage confirmed the appointments and premium figures in a statement to Program Manager.

In a statement to Program Manager, Euclid described Bath as “a recognized leader in developing innovative and market leading mortgage reinsurance portfolios working with brokers, institutional investors, mortgage insurers, reinsurers, and governments, both domestically and internationally.”

The MGU noted that Bath’s expertise spans a wide range of critical areas, including mortgage underwriting, credit risk transfer, portfolio valuations and capital management.

Prunty joined Euclid Mortgage in May after five years with MS Re and predecessor firm MS Amlin and three years in a London-based actuarial role with Ageas UK.

Euclid said Tuesday that Prunty has “a track record of developing insightful risk analytics across diverse credit exposures, including the corporate, sovereign, and mortgage sectors.”

The MGU also noted that as a qualified actuary, Prunty has been engaged in pricing, loss reserving, stress loss scenario modeling, and dynamic cashflow analysis for a range of asset classes, including residential mortgages.

Euclid Mortgage was launched by former longtime Aon executive Joe Monaghan last year with a management team that includes former Essent executive Joe Hissong as chief operating officer and former Milliman executive Ken Bjurstrom as chief risk officer.

“We are excited to have Stephen and Adam join Euclid Mortgage,” Monaghan said in a statement to Program Manager.

“Their reputations for delivering results are unmatched, as is their expertise. Their decision to join our team reflects a shared vision to build the world’s leading mortgage risk firm,” he added.

Bath also commented on his appointment.

“I am thrilled to join Euclid Mortgage as chief underwriting officer and to partner with this exceptional team at such a pivotal stage in our company’s growth,” he said in a statement.

“In just its first year, Euclid has already earned recognition as a leader in mortgage reinsurance - driven by a clear strategic vision, underwriting discipline, and deep market insight,” Bath continued.

In a statement, Prunty said he is “delighted” to join the MGU and apply his analytic experience to its underwriting capabilities.

“Working alongside Stephen Bath and the rest of the best-in-class Euclid executive team, I look forward to delivering meaningful impact for our clients,” Prunty said.

Monaghan told Program Manager on Tuesday that Euclid Mortgage has executed about 40 deals since launching last September and written over $325 million of premium across 2025, 2026 and 2027 treaty years.

“We think we can add about $100 to 200 million of additional written premium over the next 6–12 months and are working on several innovative, proprietary solutions,” he added.

Euclid Mortgage is currently supported by Ark, Convex, Fidelis and IQUW, with the potential of adding an another partner at some point this year.

“We want to make sure all of our partners achieve their premium targets so we’re managing the number of partners at this stage,” Monaghan said.