Radian CEO's Incentive Pay More Than Doubles After Shares Surge
Radian Group Inc. said Chief Executive Officer S.A. Ibrahimís incentive compensation more than doubled last year as the mortgage insurerís stock surged.
The award climbed to $2.73 million in 2013 from $1.18 million a year earlier, lifting his total compensation to $7.11 million from $4.93 million, the Philadelphia-based insurer said today in a regulatory filing.
Radian rallied 131% last year as Ibrahim sold debt and equity to rebuild capital that was depleted in the housing crisis. Mortgage insurers cover losses when homeowners default and foreclosures fail to recoup costs.
Radian last year "capitalized on improving macroeconomic trends to emerge from a prolonged period of losses," the insurer said in the filing. The company has "vastly improved capital and liquidity positions."