Teresa Bryce To Lead Radian Mortgage Insurance Business
07 Juillet 2008 - 4:27PM
PR Newswire (US)
PHILADELPHIA, July 7 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE:RDN) today announced that Teresa Bryce, currently Executive
Vice President, General Counsel, Corporate Secretary, and Chief
Risk Officer for Radian Group, has been appointed President of
Radian Guaranty Inc., Radian's principal mortgage insurance
subsidiary, effective immediately. Ms. Bryce will report to S. A.
Ibrahim, President and CEO of Radian Group. Current President of
Radian Guaranty David Applegate has resigned from his position but
will remain with Radian as a consultant for the foreseeable future.
"Teresa Bryce is an accomplished and respected industry veteran who
has held senior positions with several top mortgage banking
organizations," commented Mr. Ibrahim. "Her priorities will be to
continue the progress we have made in our mortgage insurance
subsidiary with a commitment to return the business to the 'AA'
level over time. Teresa played a key role in enhancing our risk
management process and will benefit from a strong and experienced
team of business leaders that has worked diligently to improve
overall performance. Teresa also has extensive experience working
with the GSEs, which will continue to be one of our top priorities
moving forward. On behalf of everyone at Radian, we thank Dave for
helping to position our mortgage insurance business to deliver long
term profitability." "I am proud of the efforts and progress we
have made in Radian's mortgage insurance business in the face of
difficult market conditions," commented Mr. Applegate. "I look
forward to working with the team to ensure a smooth transition."
Radian also announced other changes: Paul Bognanno, currently Vice
Chairman, Radian Guaranty will become Chairman, Radian Guaranty and
will work closely with Teresa Bryce and her team on key client
relationships, marketing and communications. Mr. Bognanno will
continue to report to S. A. Ibrahim. Jeff Cashmer, currently Senior
Vice President of Mortgage Insurance Sales, will become Executive
Vice President, Chief Operating Officer of Radian Guaranty with
responsibility for sales, operations and pricing. Mr. Cashmer will
report to Teresa Bryce. Ted Hoffman, currently Senior Vice
President, Assistant General Counsel, will become General Counsel
and Corporate Secretary for Radian Group. Mr. Hoffman will report
to S. A. Ibrahim. Teresa Bryce -- President, Radian Guaranty Before
joining Radian in October 2006, Ms. Bryce served as general
counsel, senior vice president and secretary for Nexstar Financial
Corporation. Prior to that, she was general counsel for Bank of
America Mortgage and held other senior legal leadership roles for
PNC Mortgage Corporation and Prudential Home Mortgage Company. Ms.
Bryce holds a bachelor's degree from the University of Virginia and
a J.D. from Columbia University. She has served on the Board of
Directors of the Mortgage Bankers Association, on the Consumer
Advisory Council of the Federal Reserve and on the Fannie Mae
National Advisory Council. Paul Bognanno -- Chairman, Radian
Guaranty Prior to joining Radian Guaranty, Mr. Bognanno served as
President and CEO, Principal Residential Mortgage Inc., for 11
years. Concurrent with his mortgage banking duties, Mr. Bognanno
was a Senior Vice President in Principal Life Insurance Company,
Chairman of the Board of Principal Bank, and the U.S. board member
of Principal Hipotecarios y Creditos, Principal Life's Chilean
mortgage banking company. Mr. Bognanno holds a bachelor's degree in
sociology from Indiana University. He has served as a past Chairman
of the Mortgage Bankers Association Residential Board of Governors
and as a member of its Board of Directors. Jeff Cashmer --
Executive Vice President, Chief Operating Officer, Radian Guaranty
Mr. Cashmer joined Radian in 1998 from Household Finance
Corporation. Since joining Radian, he has held several key roles
within the company's sales, operations, capital markets, credit
risk, product development and strategic planning groups. Mr.
Cashmer has been instrumental in establishing a customer centric
business model for Radian, which balances corporate profit goals
with a premier customer experience. Mr. Cashmer earned a bachelor's
degree in finance from Illinois State University and an MBA from
DePaul University's Kelstadt Graduate School of Business. Ted
Hoffman -- General Counsel and Corporate Secretary, Radian Group
Since joining Radian in 2005, Mr. Hoffman has managed SEC, NYSE and
Sarbanes-Oxley compliance, corporate governance and other corporate
related matters. Mr. Hoffman was promoted to Senior Vice President,
Assistant General Counsel in February 2008. Prior to joining
Radian, Mr. Hoffman was a senior associate in the Corporate and
Securities Group of Drinker Biddle & Reath LLP in Philadelphia.
Mr. Hoffman holds a BA from Colgate University and a JD from
Villanova University School of Law. He is a member of the
Pennsylvania Bar. About Radian Radian Group Inc. is a global credit
risk management company headquartered in Philadelphia with
significant operations in New York and London. Radian develops
innovative financial solutions by applying its core mortgage credit
risk expertise and structured finance capabilities to the credit
enhancement needs of the capital markets worldwide, primarily
through credit insurance products. The company also provides credit
enhancement for public finance and other corporate and consumer
assets on both a direct and reinsurance basis and holds strategic
interests in credit-based consumer asset businesses. Additional
information may be found at http://www.radian.biz/. Contact: For
investors: Terri Williams-Perry - phone: 215 231.1486 Email: For
the media: Rick Gillespie - phone: 215 231.1061 Email: Tim Lynch /
Eric Bonach Joele Frank, Wilkinson Brimmer Katcher 212 355.4449
DATASOURCE: Radian Group Inc. CONTACT: For Investors, Terri
Williams-Perry of Radian Group Inc., +1-215-231-1486, ; or for the
Media, Rick Gillespie of Radian Group Inc., +1-215-231-1061, ; or
Tim Lynch, or Eric Bonach, both of Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449, for Radian Group Inc. Web site:
http://www.radian.biz/
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