Private mortgage insurance firm NMI Holdings reveals succession plan
NMI Holdings is laying the groundwork for President Claudia Merkle to replace CEO Bradley Shuster next year.
"The board and I have been working on this succession plan and a smooth transition for some time," Shuster said in a press release. "The success that National MI enjoyed over the last year is what the board and I envisioned when we promoted Claudia to the role of president."
Shuster, 63, has served as CEO and chairman since the company was founded in 2012, and Merkle, 59, has been with the company since May of that year.
Merkle started as senior vice president of underwriting fulfillment and risk operations. NMI promoted her to executive vice president and chief of insurance operations in 2014. She became the chief operating officer in 2016, and was named president in May of this year.
"I am honored to succeed Brad as CEO and to build on such a strong foundation. This is an exciting time at National MI, as we are leading the mortgage insurance agency with Rate GPS, our granular pricing system, and with reinsurance structures that provide unique stability and loss protection across all market cycles," said Merkle.
Merkle will become CEO and join the board of directors on Jan. 1, 2019, when Shuster will become the company's 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," the company said in a press release.