Radian Group Inc. said on Tuesday it has appointed Mike Weinbach as chief executive officer, effective Aug. 1, replacing Richard Thornburg.
Weinbach, who previously served as CEO of John Hancock Life Insurance Company, will join Radian’s board of directors upon assuming the role. Thornburg, who has led Radian since 2015, will transition to a senior advisory position within the company.
Radian Group, a provider of mortgage and real estate services, including credit enhancement and risk management solutions, did not disclose additional terms of Weinbach’s appointment. The company’s shares were not immediately active in extended trading following the announcement.
The leadership transition follows Radian’s recent financial performance, which included a 12% year-over-year increase in second-quarter net income to $215 million, driven by strong mortgage insurance demand. Weinbach’s appointment comes as the company seeks to expand its market position amid evolving housing and credit market dynamics.
A Radian spokesperson declined to comment beyond the company’s statement.
