Wayne-based Radian Group, a multi-line specialty insurer, recently announced that CEO Rick Thornberry will retire in December and will be replaced by Mike Weinbach.
Weinbach will become CEO-elect on June 1 and CEO and a member of the board on Aug. 13. Thornberry will serve as a strategic adviser until his retirement.
“It has been a privilege to lead the Radian team, and I am deeply proud of all that we have accomplished together,” Thornberry said. “We set out to build a company that could grow and perform across market cycles – one with the financial strength, the culture, the disciplined approach to risk and capital, and a genuine commitment to our customers and stockholders, and I believe we have done that.”
Thornberry became CEO in 2017. Since then, Radian’s shares have had a 13.4 percent compounded annual growth rate. The company also entered into the global specialty insurance market after it purchased Inigo Limited for $1.7 billion.
Weinbach has three decades of experience leading large, complex businesses through growth and transformation. He comes to Radian from Mr. Cooper Group where he served as president and advanced technology initiatives that enhanced customer experience and grew the company’s servicing and originations portfolios.