Radian Group Inc., a financial services company based in Wayne, recently announced that Derek Brummer, president of mortgage insurance, will retire, effective July 3.
Brummer joined Radian in 2002 and has served as chief risk officer and general counsel for Radian’s former financial guaranty company and as Radian’s chief risk officer. He took on his current role in 2018.
Chief Financial Officer Sumita Pandit will become president and chief financial officer after Brummer’s retirement. In addition to her current responsibilities, she will oversee all aspects of Radian’s mortgage insurance business.
“Over the past 23 years at Radian, Derek has been an instrumental member of our leadership team, contributing to the company’s strong strategic positioning for the future,” Radian CEO Rick Thornberry said. “Sumita brings unique experience to the role, including an exceptional blend of financial markets and investment banking expertise, as well as broad knowledge of Radian’s businesses. She is optimally positioned to lead our experienced mortgage insurance team to continue to deliver our products and services to our customers and achieve our long-term strategic goals to drive value for our stockholders.”
Pandit joined Radian in 2023, becoming the company’s first chief growth officer. Later that year, she was appointed senior executive vice president and CFO.