Reinsurance broker JLT Re has launched a new operation in North America – JLT Re Global Mortgage Solutions — to offer insurance and reinsurance to government-sponsored entities, mortgage insurers, mortgage lenders and builders.
Steve Rance has been appointed executive vice president of this new offering, which is part of JLT Re (North America) Inc. Prior to joining JLT in 2008, Rance was managing director for Structured Transactions at Genworth Mortgage Insurance and European managing director at Radian, a U.S. mortgage insurer. According to the announcement, Rance has more than two decades of experience in mortgage risk management and insurance. He delivered NewBuy, the UK’s first government-backed mortgage indemnity program that JLT still manages.
Rance will be working with Gregg Holtmeier, who leads JLT’s western region.
“Whilst today’s U.S. mortgage marketplace benefits from improved macroeconomic factors, following the global economic decline of 2007 to 2010, the GSEs are working to share credit default risk through the capital markets and the (re)insurance markets to support liquidity and stability in the U.S. housing market,” said Rance.
“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 U.S. mortgage insurance and housing market.”
American International Group (AIG), which recently reported profit rose 12 percent to $163 million at its mortgage insurance unit United Guaranty for the first quarter, is planning an initial public offering to sell a stake in its mortgage insurer.
Source: JLT Re
* This story appeared previously in our sister publication Insurance Journal