President, Claudia Merkle will become CEO on January 1, 2019 as Bradley Shuster transitions to Executive Chairman
EMERYVILLE, Calif. (Sept. 13, 2018) – NMI Holdings, Inc. (Nasdaq: NMIH) today announced that Claudia Merkle, the company’s current President, will succeed Bradley Shuster as Chief Executive Officer, effective January 1, 2019. Mr. Shuster, the company’s founder, Chairman and CEO will continue as Executive Chairman following the succession and remain engaged with the company, working closely with Ms. Merkle as CEO. In his new role as Executive Chairman, Shuster will continue to lead the Board of Directors, oversee special projects and communications with key stakeholders, and collaborate with Merkle to define the company’s long-term goals and direct its strategy, operational plans and policies.
As CEO, Merkle will be responsible for the company’s day-to-day management, financial performance and long-term growth strategy. She will join the company’s Board of Directors upon her promotion, increasing its size to eight members effective January 1, 2019.
“Claudia has been with National MI from the very beginning as one of our first employees,” said Shuster. “She was 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. The Board and I have been working on this succession plan and a smooth transition of leadership for some time. The success that National MI enjoyed over this last year is what the Board and I envisioned when we promoted Claudia to the role of President. I look forward to continuing to partner with her as my successor. I have the utmost confidence in Claudia and the entire executive team, and believe the future is bright for our employees, customers, and shareholders.”
Merkle said, “I am honored to succeed Brad as CEO and to build upon such a strong foundation. This is an exciting time at National MI, as we are leading the mortgage insurance industry with Rate GPSSM, our granular pricing system, and with reinsurance structures that provide unique stability and loss protection across all market cycles. I’m looking forward to working with our talented executive management team, Brad, and the rest of the Board of Directors to continue to deliver results for all of our stakeholders.”
Shuster, 63, has served as CEO and Chairman of the Board since founding the company in April 2012. Merkle, 59, joined National MI in May 2012 as Senior Vice President of Underwriting Fulfillment and Risk Operations, and was promoted to Executive Vice President and Chief of Insurance Operations in 2013, Chief Operating Officer in 2016 and President in May 2018.
About NMI Holdings, Inc.
NMI Holdings, Inc. (NASDAQ: NMIH) is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.