Teresa Bryce Bazemore, the president of private mortgage insurer Radian Guaranty, has announced that she will be retiring from the company at the end of April.
The announcement of her retirement was made on Tuesday.
“Teresa has decided that now is the right time for her to consider new opportunities and challenges,” according to a memo sent on Thursday by S.A. Ibrahim, chairman and CEO of Radian Group.
In 2006, Bazemore joined the Radian Group as executive vice president and general counsel. In 2008, she became the president of the company.
Bazemore is also on the Board of the US Mortgage Insurers. She also serves on the Mortgage Bankers Board of Directors and on the Mortgage Bankers Residential Board of Governors.
Prior to her employment with the Radian Group, she served as Senior Vice President, General Counsel and Corporate Secretary for Nexstar Financial Corporation and Director of Legal and Corporate Affairs for MBNA Home Finance (after the MBNA acquisition of Nexstar).
Radian Guaranty has leapfrogged Mortgage Guaranty Insurance Corp., under her stewardship. Radian Guaranty is now the second largest private mortgage insurer as measured by insurance-in-force. The top spot is now occupied by Arch U.S. MI following its purchase of United Guaranty Corp.
“She is recognized locally and nationally for having her finger on the pulse of critical issues facing our industry, as well as a tremendous skill set and thoughtful leadership,” Ibrahim said in his letter.
Ibrahim, who will also be retiring from Radian this year, announced his retirement last May. Two weeks ago, Richard Thornberry, former president and chief operating officer at Citicorp Mortgage, was named as his replacement.
“We have an outstanding senior team that is focused on realizing the benefits of our strategies for growing our core mortgage insurance business and on diversifying our revenue through mortgage and real estate services. In the coming years, we will continue to deliver long-term value for all our stakeholders,” Ibrahim said in the memo.
“I know this may feel like a lot of change. But, I truly believe in the company’s exciting future and know that some of Radian’s best days lie ahead,” Ibrahim continued.
Radian Guaranty was incorporated in 1976, and is based in Philadelphia, Pennsylvania. The company operates as a subsidiary of Radian Group Inc.
The private mortgage insurer provides mortgage insurance services to protect lenders against loan default. It also enables homebuyers to purchase a home with a smaller down payment.