We simplify complexity

MANAGING PRINCIPAL
CHIEF EXECUTIVE OFFICER

26 years of reinsurance and mortgage insurance experience serving most recently as the Global Growth Leader at Aon Re, the world’s largest reinsurance broker, responsible for 15 different business segments including the global credit business. Led the development of the mortgage reinsurance market post-Great Financial Crisis (GFC). Created the single family and multi-family credit risk transfer reinsurance programs for both Fannie Mae and Freddie Mac. Developed the reinsurance structures for the mortgage insurance industry post-GFC satisfying the newly developed capital standards (PMIERs). Led team that pioneered first syndicated European bank capital relief insurance transaction.

PRINCIPAL
CHIEF RISK OFFICER

30 years of mortgage insurance and reinsurance experience. Managed credit risk, underwriting, pricing and reserving for several private mortgage insurers and the largest bank reinsurance captive. Co-founded Milliman’s Mortgage Practice and managed domestic and international clients consisting of Banks, Mortgage Insurers, Reinsurers, GSEs and the Federal Housing Administration. Expected to join October 2024.

PRINCIPAL
CHIEF OPERATING OFFICER

30 years of reinsurance experience, including President of Essent Re (mortgage reinsurer & MGA), founding investor/board member in Essent Group (US mortgage insurer), board member of MountainView Capital (whole loan mortgage trading platform & mortgage investment manager now part of Situs), President of what is now Neuberger Re (ILS manager), Executive Director & Head of Private Equity for PartnerRe, and legal expertise in general counsel roles for PartnerRe & Swiss Re, as well as partner in LeBoeuf, Lamb Greene & MacRae.

Euclid Mortgage (“Euclid”), today announced that Ken Bjurstrom has joined the company as Chief Risk Officer bringing more than 35 years of mortgage risk analytics and advisory experience to the market-leading independent mortgage (re)insurance managing general underwriter.

Andrew Bon Salle, Claudia Merkle, and Ivy Zelman join Euclid Mortgage’s Advisory Panel sharing their expertise in the US housing and mortgage market with Euclid Mortgage’s clients.

Euclid Program Managers (“Euclid”), today announced the launch of Euclid Mortgage, LLC (“Euclid Mortgage”). Euclid Mortgage is a Managing General Underwriter (MGU) underwriting mortgage credit risk for insurers and reinsurers.

DIRECTOR, OCWEN FINANCIAL CORPORATION

Ms. Merkle serves as a director of Ocwen Financial Corporation and is the former Chief Executive Officer of NMI Holdings Inc., a publicly traded private mortgage insurer and the parent company of National Mortgage Insurance Corporation (National MI), a position she held from 2019 to 2021. Under her leadership, National MI was recognized on Fortune’s 100 Fastest-Growing Companies list in 2020 and was consistently recognized as one of the best places to work in the U.S. In 2021, Ms. Merkle was named one of the Most Influential Women in the Bay Area by the San Francisco Business. Prior to her role as CEO, Ms. Merkle held multiple executive leadership positions since joining National MI in 2012, including President; Chief Operating Officer; Executive Vice President, Chief of Insurance Operations; and Senior Vice President, Underwriting & Operations. Earlier in her career, she served as Vice President, Managing Director at PMI Mortgage Insurance Co. She holds a B.S. degree in management from the University of Pennsylvania’s Wharton School of Business.

BOARD DIRECTOR | ADVISOR | CONSULTANT

Andrew is a prominent figure in the housing finance industry, known for his extensive career at Fannie Mae and leadership roles in housing related companies.

His 30+ years of experience include a series of investment banking, capital markets, risk management, securitization, and mortgage policy leadership roles.

Most of his career was with Fannie Mae where he rose to be Executive Vice President of the Single Family Business. In that role, Andrew was responsible for managing customer engagement for over 2,000 clients, the performance of the Company’s $3.5 trillion credit portfolio, and overseeing all capital markets activities.
Andrew most recently served as Executive Chairman of Homepoint Capital, a top 20 mortgage originator and servicer.

Currently, Andrew is an advisor to and Board Director to several firms in the housing ecosystem.

EXECUTIVE VICE PRESIDENT OF ZELMAN & ASSOCIATES

Ivy Zelman is Executive Vice President of Zelman & Associates holding roughly 30 years of experience covering housing and housing-related industries. In 2007, Ivy co-founded Zelman & Associates. The firm provides analyses across all aspects of the housing spectrum. Ivy’s concept for the firm remains strongly rooted in the ability to perform thematic research overlaid with proprietary surveys to produce unparalleled differentiated value-added research.

Ivy has been widely known and respected for her bold thinking and accurate assessments where others failed, helping industry players avoid costly mistakes and capture game-changing opportunities. In 2005, she called the top of the housing market. Ivy famously asked Toll Brothers CEO Bob Toll on the Q4 2006 Toll Brothers conference call “Which Kool-Aid Are You Drinking?” From there Ivy called the bottom of the housing market in January 2012, thus reinforcing her dominant reputation within the industry. She helped best-selling writer, Michael Lewis with research related to the mortgage crash. This became a part of his best-selling book turned movie, The Big Short. Michael wrote in the book “all roads led to Ivy.”

Her convictions have been recognized by Institutional Investor ranking her as one of the most preeminent figures within the housing industry. Most notably, Institutional Investors – America Research Team rankings placed Ivy and her team with eleven 1st place rankings and Hanley Wood, a leading real estate media firm, ranked Ivy as 14th of the Top 50 most influential persons in housing. For the past three years, Ivy has been included in Barron’s 100 Most Influential Women in U.S. Finance. As one of the most powerful women on Wall Street, Ivy Zelman is a sought-after expert on the housing sector, and what the overall housing market means for investors, homebuilders, industry executives and the economy at large.

She frequently appears on television shows such as CNBC, in major publications including The Wall Street Journal, and has acted as a key witness in a congressional hearing. Jim Cramer, host of the CNBC’s show Mad Money, said “Ivy is the Ax of the homebuilders – the analyst who understands the group better than anyone else on Wall Street.” Ivy’s speaking requests by conferences, board meetings, podcasts or special events have included: Bloomberg, CNBC, TD Ameritrade Network, Bloomberg’s Master’s in Business, International Builder Show, MBS Highway, National Association of Homebuilders, NFX, National Association of Realtors, National Organization of Investment Professionals, Mortgage Banking Association, Moody’s, AmeriCatalyst, PropTechCEO Summit, Reality Alliance, Walker Webcast, International Mass Timber Conference, Inman.

Ivy received a Bachelor of Science from George Mason University and has three children, Zoey, Zachary and Zia. Ivy is a special advisor to Laurel School, BBYO, NCJW Cleveland as well as mentors’ high school and college students. Also, she published a memoir: Gimme Shelter: Hard Calls + Soft Skills From A Wall Street Trailblazer.