Mortgage insurer Radian Group Inc. said Monday that it named Teresa Bryce as president of its primary mortgage insurance division to replace David Applegate, who resigned from the position.
Bryce had been general counsel, corporate secretary and chief risk officer before the promotion. Before joining Radian in October 2006, Bryce served as general counsel, senior vice president and secretary for Nexstar Financial Corp.
Applegate will serve as a consultant to Radian Guaranty, the mortgage insurance unit.
President and Chief Executive S. A. Ibrahim said one of Bryce's key priorities will be to return the business to its former "AA" credit rating.
Like other mortgage insurers, Radian has been hit hard since the middle of 2007 because of a sharp rise in mortgage defaults, which have led to a spike in claims payments. The company's stock has traded between 70 cents and $55.96 during the past year and jumped 50 cents, or 49 percent, to $1.52 in afternoon trading.
The stock price has risen dramatically since Thursday, when the company said its financial strength was solid and its liquidity remained strong, as a response to a recent drop in the stock price.
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