After nearly a decade at the helm, Radian Group Inc. Chief Executive Officer Rick Thornberry has reportedly informed the company’s Board of Directors of his intention to retire in December 2026, with Mike Weinbach set to become CEO-Elect effective June 1, 2026.
Since joining Radian as CEO in 2017, Thornberry has more than tripled the company’s book value per share on a total return basis, including dividends, according to the firm, representing a compounded annual growth rate of 13.4%.
The company also credited Thornberry with establishing the operational and financial foundation for its next phase of strategic growth, culminating in the $1.7 billion acquisition of Inigo Limited, the Lloyd’s specialty insurer known for its diversified, multi-line specialty insurance platform.
Howard Culang, Non-Executive Chairman of the Board at Radian, commented, “Rick’s impact on Radian over the last nine years cannot be overstated. Under his leadership, Radian evolved from a strong domestic franchise into a diversified, global company with the financial strength, talent, and strategic positioning to compete and win for years to come.
“The Inigo acquisition represents a defining moment in Radian’s history, and it happened because of Rick’s vision, discipline and entrepreneurial leadership. On behalf of the entire Board, we are deeply grateful for his leadership and the remarkable legacy he leaves.”
As mentioned, Weinbach is set to assume the role of chief executive officer and become a member of the Board on August 13, 2026.
Thornberry will serve as a strategic advisor through his retirement on December 31, 2026, supporting a disciplined and thoughtful transition.
Radian has described Weinbach as a seasoned executive with 30 years of experience leading large, complex businesses through growth and transformation across financial services, data, and technology.
Most recently, he served as President of Mr. Cooper Group, where he successfully led the mortgage servicer through its acquisition by Rocket Companies in 2025.
Before Mr. Cooper, Weinbach was CEO of Consumer Lending at Wells Fargo, overseeing strategy across home, auto, student, and personal lending, credit cards, and merchant services, leading a team of more than 40,000 employees and serving on the company’s Operating Committee.
Before Wells Fargo, he spent 16 years at JPMorgan Chase, ultimately serving as CEO of Chase Home Lending after progressive leadership roles across consumer banking, business banking, home lending, and auto lending.
Weinbach began his career as an M&A investment banker at Citigroup.
Culang continued, “Selecting a CEO is one of the Board’s most important responsibilities, and we approached the process with the rigour it deserves, engaging with Russell Reynolds Associates, a global executive search and leadership advisory firm, to ensure we considered the best leadership talent available.
“In Mike, we found someone who distinguished himself throughout the process – not only for his track record of leading large, diversified and complex businesses, but for the thoughtfulness and discipline with which he thinks about the road ahead.
“Radian is exceptionally well-positioned, and we have full confidence that Mike is the right leader to build on that foundation.”
Thornberry added, “It has been a privilege to lead the Radian team, and I am deeply proud of all that we have accomplished together.
“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.
“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.”
Weinbach concluded, “Radian has established itself as a truly differentiated company – a best-in-class mortgage insurance business with deep customer relationships, financial discipline, and now a global specialty platform with significant runway.
“I’m coming in with great respect for what Rick and this team have built and a clear focus on what comes next – executing the strategy, investing in our people, and delivering long-term value for our customers and stockholders. I’m looking forward to working with this exceptional team.”
