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Radian Group Inc. (NYSE: RDN) today announced the appointment of Derek Brummer as executive vice president and chief risk officer. The position was previously co-managed by Brummer, who oversaw risk management for the financial guaranty business, Radian Asset Assurance Inc., and Scott Theobald, who oversaw risk management for the mortgage insurance business, Radian Guaranty Inc.
In this newly created position, Brummer will be responsible for all aspects of the credit risk management strategy and framework, as well as evaluating credit policy, for Radian and its subsidiaries. He will report directly to Radian CEO S.A. Ibrahim.
Brummer joined Radian in 2002 and has served as chief risk officer and general counsel for Radian Asset since 2008, where he was responsible for managing all risk and legal matters for the financial guaranty company and its insured portfolio. Brummer led all risk management strategy, overseeing portfolio surveillance, reserving, quantitative analytics and modeling, and directing restructurings and workouts. He also played a key role in developing and structuring new product lines and overseeing various underwriting committees. Brummer holds a J.D. from New York University School of Law.
“We are pleased to have Derek play this important role at Radian,” stated Ibrahim. “Derek is a well-respected member of the Radian executive team, and given his experience in risk management and strategy, he is the ideal choice for this position.”
As Radian continues to position itself for future growth, Theobald, who joined the company in 1997, will assume the newly created role of executive vice president, lender and structured products for Radian Guaranty. Theobald will be responsible for fostering new business and product development, and pricing and reporting for fee-based business opportunities. In addition, he will continue to oversee loss management.
“During his tenure, Scott has played a valuable role in establishing Radian as a leader in the mortgage insurance market,” stated Teresa Bryce Bazemore, Radian Guaranty’s president. “Scott has a deep understanding of the industry, and this in combination with his varied experience and natural leadership ability, fosters an innovative approach that will help him to be successful in this position.”