After nearly a decade at the helm, Radian Group Inc. CEO Rick Thornberry has reportedly informed the company’s board of directors of his intention to retire in December 2026, with Mike Weinbach set to take over as CEO on June 1, 2026.
Since joining Radian as CEO in 2017, Thornberry has more than tripled the company’s book value per share, including dividends, at a compound annual growth rate of 13.4%, according to the company.
The company also sees Thornberry laying the operational and financial foundation for its next phase of strategic growth, culminating in its $1.7 billion acquisition of Inigo Limited, a Lloyd’s specialty insurance company known for its diversified, multi-line specialty insurance platform.
Howard Culang, Non-Executive Chairman of Radian’s Board of Directors, commented: “Rick’s impact on Radian over the past nine years cannot be overstated. Under his leadership, Radian has grown from a strong domestic franchise to a diversified global company with the financial strength, talent and strategic positioning to compete and win in the years to come.
“The acquisition of Inigo represents a defining moment in Radian’s history, and it occurred because of Rick’s vision, discipline and entrepreneurial leadership. On behalf of the entire Board of Directors, we are deeply grateful for his leadership and the legacy of excellence he leaves behind.”
As previously announced, Weinbach will assume the role of CEO and become a member of the Board of Directors on August 13, 2026.
Thornberry will serve as strategic advisor until his retirement on December 31, 2026, supporting a disciplined and thoughtful transition.
Radian described Weinbach as a seasoned executive with 30 years of experience leading large, complex enterprises through growth and transformation in financial services, data and technology.
Most recently, he served as President of Mr. Cooper Group, successfully leading the mortgage servicing company’s acquisition by Rocket Companies in 2025.
Prior to Mr. Cooper, Weinbach served as CEO of Wells Fargo’s Consumer Lending business, where he oversaw strategy for home, auto, student and personal loans, credit cards and business services, led a team of more than 40,000 employees and served on the company’s operating committee.
Prior to joining Wells Fargo, he spent 16 years at JPMorgan Chase, where he held progressive leadership positions in consumer banking, commercial banking, home lending and auto lending, culminating in his role as CEO of Chase Home Loans.
Weinbach began his career as an M&A investment banker at Citigroup.
Culang continued: “Selecting a CEO is one of the most important responsibilities of a board and we treat the process with the rigor it deserves, working with global executive search and leadership consulting firm Russell Reynolds Associates to ensure we consider the best leadership talent available.
“We found Mike to be outstanding throughout the process, not only because of his track record of leading large, diverse and complex businesses, but also because of his thoughtfulness and discipline on the path forward.
“Radian is in a very good position and we have every confidence that Mike is the right leader to build on this foundation.”
Thornberry added: “It has been a privilege to lead the Radian team and I am deeply proud of what we have accomplished together.
“We set out to build a company that can grow and perform through market cycles – one that has the financial strength, culture, disciplined approach to risk and capital and a genuine commitment to its customers and shareholders, and I believe we have done just that.
“The addition of Inigo is the clearest demonstration of this ambition, expanding our business and providing a runway for growth that we were previously unable to achieve. Mike is a proven leader with the experience, discipline and people-centric attitude the company deserves, and I look forward to working closely with him to ensure a seamless transition.”
Weinbach concluded: “Radian has established itself as a truly differentiated company – a best-in-class mortgage insurance business with deep client relationships and financial discipline that is now a global specialty platform with significant runway.
“I bring with me the utmost respect for what Rick and this team have built and a clear focus on what comes next – executing on strategy, investing in our people and delivering long-term value to our customers and shareholders. I look forward to working with this outstanding team.”
