Jay Sherwood Stepping Aside as President of NMI Holdings

NMI Holdings Inc. president Jay Sherwood will step aside and become the company's vice chairman for the remainder of his employment agreement, the company said in an 8-K filing.

When asked for further information, including who will replace Sherwood as president, NMI Holdings, the parent of National MI, said it would not comment beyond what was in the filing, said Mary McGarity, a spokeswoman for the company.

The agreement expires on Jan. 17, 2016 and will not be renewed. Sherwood will assist in the transition of his duties and provide consultation to the NMI board during this period.

Sherwood became president of the holding company and its mortgage insurance subsidiary in December 2014, after previously serving as chief financial officer. He replaced Bradley Shuster, the current chairman and CEO.

"The company has successfully completed its initial capital raise and public offering, and after establishing our finance function and overseeing the company's sales, operations and information technology groups, I am confident the company is well on its way to becoming a market leader in the mortgage insurance industry."

"Accordingly, given our firm financial and operational footing and solid succession plan, I believe now is the appropriate time for me to begin thinking about stepping aside and seeking additional opportunities to build new, high-growth businesses in the marketplace," a statement attributed to Sherwood in the 8-K said.