Radian names Mike Weinbach CEO-elect with Rick Thornberry set to retire

U.S. mortgage insurer  Radian Group Inc. said Thursday that CEO Rick Thornberry plans to retire at the end of 2026 after nearly a decade of leading the company through a major strategic expansion, including its recent move into specialty insurance.

The company said Mike Weinbach, former president of Mr. Cooper Group, has been named CEO-elect effective June 1. He will officially become CEO and join Radian’s board on Aug. 13.

Thornberry, who joined Radian Group as CEO in 2017, will remain with the company as a strategic adviser through the end of the year to assist with the transition. During his tenure, the company said book value per share more than tripled on a total return basis, including dividends, while Radian expanded beyond its traditional mortgage insurance business.

That expansion culminated earlier this year with Radian’s $1.7 billion acquisition of Inigo Limited, a Lloyd’s specialty insurer. The deal, which closed Feb. 2, marked the company’s entry into the global specialty insurance market.

“Rick’s impact on Radian over the last nine years cannot be overstated,” Howard Culang, the company’s non-executive chairman, said in a statement. Culang said the Inigo acquisition was a “defining moment” in the company’s history and credited Thornberry with helping transform Radian into a more diversified global business.

Thornberry said the company had worked to build a business capable of growing across market cycles while maintaining financial discipline and a strong risk management culture.

“The addition of Inigo is the clearest expression of that ambition, expanding our business and offering a runway of growth that simply was not available to us before. Mike is a proven leader with the experience, discipline, and people-first approach this company deserves, and I look forward to working closely with him to ensure a seamless transition,” Thornberry said in a statement.

Weinbach brings more than 30 years of experience in banking and consumer lending. At Mr. Cooper, he helped oversee the mortgage servicer’s acquisition by Rocket Companies in 2025. Before that, he served as CEO of consumer lending at Wells Fargo, overseeing home, auto, student and personal lending operations.

Earlier in his career, Weinbach spent 16 years at JPMorgan Chase, where he eventually became CEO of Chase Home Lending. He began his career in investment banking at Citigroup.

Analysts from Keefe, Bruyette & Woods sent out a flash note on Friday that said: “Given [Mike Weinbach’s] strong background in the mortgage industry, we would expect the market to be comfortable with this transition.”

Culang said the board worked with executive search firm Russell Reynolds Associates during the succession process and selected Weinbach for his experience in managing large, diversified businesses.

Weinbach said Radian’s combination of mortgage insurance operations and its new global specialty insurance platform positions the company for future growth.

The news comes just months after Radian confirmed to HousingWire that it was shutting down its mortgage conduit business after a divestiture process. The company also said it would be evaluating strategic options for its title and real estate services businesses.

In February, company president and chief financial officer Sumita Pandit departed. Following her exit, the board promoted Daniel Kobell and Robert J. Quigley to senior executive vice president positions that oversee the company’s finance functions.