New CEO Named at Radian

Feb. 09--The top executive at the parent of Radian Guaranty Inc. is retiring, and a successor has been named to run the mortgage insurance company.

Since May 2005, and during the financial crisis, S.A. Ibrahim has reigned as chief executive officer over Philadelphia-based Radian Group Inc.

But in May 2016, Radian announced that Ibrahim, who was 64 at the time, disclosed he intended to retire at the end of his contract in December 2017.

On Thursday, Radian Group announced that Richard G. Thornberry has been appointed CEO and joined the board of directors. His tenure begins on March 6.

Thornberry, 58, was previously chairman and CEO of NexSpring Group LLC, which he co-founded in December 2006.

In the nineties, he spent two years servicing as president and chief operating officer at CitiMortgage Inc.

"Following an extensive search process, the board of directors is excited to welcome Rick as our new CEO," Radian Chairman Herb Wender said in the news release. "We knew we had big shoes to fill, and Rick emerged as our top candidate due to his leadership and experience in the mortgage finance industry.

"We are confident that he is the leader to steer Radian forward."

Radian reported a record $50.530 billion in new insurance written during 2016. Primary insurance in force finished last year at 902,878 loans for $183.450 billion.

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