The founding chief executive officer of National Mortgage Insurance Corp.’s parent is being replaced by another senior executive who has also been on board since the beginning.
NMI Holdings Inc. was founded in 2012, Bradley Shuster was its president and CEO, and Claudia J. Merkle was its senior vice president of underwriting fulfillment and risk operations.
Before the Emeryville, California-based mortgage insurer was launched, Shuster was president of PMI Capital Corp., while Merkle was also on PMI’s management team.
PMI was ordered to stop writing new business in 2011.
Merkle was promoted to chief operating officer of National MI in 2016.
Earlier this year,
she was promoted to president.
An announcement Thursday
indicated that Shuster will relinquish his CEO role at the end of this year. He’ll stay on as executive chairman, though.
Merkle will take the reins from Shuster on Jan. 1, 2019.
She’ll also join the board of directors.
Shuster noted in yesterday’s news release that Merkle has been “instrumental in developing and leading our operations team and, more recently, has led the growth of our sales organization and established it as the model for the industry.”
Merkle takes over an organization that reported $6.5 billion in new business written during the second quarter and a record $32 million in income before income taxes.