UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 8, 2025, Derek V. Brummer, President, Mortgage Insurance of Radian Group Inc. (the “Company”) provided the Company with notice of his decision to retire from his role and the Company, effective July 3, 2025. Mr. Brummer’s decision to retire is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On January 10, 2025, the Board of Directors of the Company appointed Sumita Pandit, currently serving as Senior Executive Vice President, Chief Financial Officer of the Company, to the role of President and Chief Financial Officer of the Company, effective upon Mr. Brummer’s retirement from his current role. In her new role, Ms. Pandit will assume responsibility for overseeing all aspects of our mortgage insurance business in addition to her current responsibilities as Chief Financial Officer of the Company.
Ms. Pandit joined the Company in March 2023 as Senior Executive Vice President, Chief Growth Officer and was appointed Senior Executive Vice President, Chief Financial Officer in May 2023. A description of Ms. Pandit’s experience prior to joining the Company is disclosed in the “Executive Officers” section of the Company’s 2024 Proxy Statement as filed with the Securities and Exchange Commission on April 5, 2024.
There are no arrangements or understandings between Ms. Pandit and any other person pursuant to which she was appointed to her new role. Ms. Pandit does not have any familial relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Ms. Pandit has an interest requiring disclosure under Item 404(a) of Regulation S-K.
| Item 7.01. | Regulation FD Disclosure. |
On January 13, 2025, the Company issued a press release regarding the matters discussed in Item 5.02 above. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference into this Item 7.01.
The information furnished with, this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1* | Radian Group Inc. News Release dated January 13, 2025 | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RADIAN GROUP INC. | ||||||
| (Registrant) | ||||||
| Date: January 13, 2025 | By: | /s/ Edward J. Hoffman | ||||
| Edward J. Hoffman | ||||||
| General Counsel and Corporate Secretary | ||||||
Exhibit 99.1
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Radian’s Mortgage Insurance President Derek Brummer Announces Retirement
Sumita Pandit, Radian’s Chief Financial Officer, to Assume Mortgage Insurance Oversight in New Role as Radian’s President and Chief Financial Officer
WAYNE, Pa., January 13, 2025 — Radian Group Inc. (NYSE: RDN) today announced that Derek Brummer, President, Mortgage Insurance, will retire on July 3, 2025 after 23 years of distinguished service at the company. Sumita Pandit, currently serving as Chief Financial Officer, will assume the role of Radian President and Chief Financial Officer upon Brummer’s retirement. In her new role, Pandit will assume responsibility for overseeing all aspects of Radian’s mortgage insurance business in addition to her current responsibilities as Chief Financial Officer.
“I’ve been privileged to be part of Radian’s rich 50-year history and I am proud of what we have accomplished together,” Brummer said. As I retire, I know Radian is strategically well positioned today and for the future.”
Brummer joined Radian in 2002 as Chief Risk Officer and General Counsel for Radian’s financial guaranty company. He was appointed Radian’s Chief Risk Officer in 2013 and assumed the role of President, Mortgage Insurance in 2018.
“Over the past 23 years at Radian, Derek has been an instrumental member of our leadership team contributing to the company’s strong strategic positioning for the future. We appreciate all that he has done at Radian, and most importantly, we wish him all the best in his well-deserved retirement,” said Rick Thornberry, Chief Executive Officer. “Sumita brings unique experience to the role including an exceptional blend of financial markets and investment banking expertise, as well as broad knowledge of Radian’s businesses. She is optimally positioned to lead our experienced mortgage insurance team to continue to deliver our products and services to our customers and achieve our long-term strategic goals to drive value for our stockholders.”
Pandit was appointed Senior Executive Vice President and CFO in May 2023. She joined Radian in March 2023 as the company’s first Chief Growth Officer, working to develop and execute the company’s long-term growth and innovation plans.
Pandit has more than two decades of experience in investment banking, advising companies across verticals in fintech, including payments, financial software, neo-banks, and insurance technology. She joined Radian after serving more than two years as the Chief Operating Officer of a global financial technology company, dLocal, where she oversaw client management, marketing, investor relations, and corporate development.
Prior to dLocal, Pandit worked at J.P. Morgan in several Managing Director roles, including as Global Head of FinTech Investment Banking. Before joining J.P. Morgan, Pandit was a Vice President at Goldman Sachs in their Financial Institutions Group. Pandit earned an MBA from The Wharton School at the University of Pennsylvania, where she was a Palmer Scholar.
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About Radian
Radian is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. Visit radian.com to see how we’re creating possibilities for a place to call home.