Gregory Serio
RADIAN GROUPAbout Gregory V. Serio
Independent director at Radian Group Inc. since May 2012 (age 63), with a career spanning senior public-sector insurance regulation and private-sector advisory roles. Core credentials include deep insurance regulatory expertise, risk management, and mortgage/real estate oversight; Serio is an active NACD member and has held the NACD Board Leadership Fellow designation and has been recognized in courts/tribunals as an expert on insurance regulation . He is independent under NYSE/SEC standards; the Board has determined all non-CEO directors, including Serio, meet independence requirements .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New York State Department of Insurance | Superintendent of Insurance | May 2001–Jan 2005 | Led state insurance regulation; chaired NAIC Government Affairs Task Force; served on U.S. Treasury Financial Services and Banking Information Infrastructure Committee; commissioner of International Commission on Holocaust Era Insurance Claims . |
| New York State Department of Insurance | First Deputy Superintendent; General Counsel | 1995–2001 (GC 1995–1997) | Senior regulatory leadership; legal oversight and policy formulation . |
| New York State Senate Standing Committee on Insurance | Chief Counsel | Not disclosed | Legislative counsel on insurance policy . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Park Strategies, LLC | Partner; Head of risk & insurance management practice | Since Jan 2005 | Management and government relations consulting . |
| D’Amato Law Group | Partner | Not disclosed | Admitted in NY and CT . |
| Senior Health Insurance Plan Trust | Lead Trustee | Not disclosed | Appointed by PA Insurance Commissioner . |
| Senior Health Insurance Company of Pennsylvania | Director | Not disclosed | Appointed by PA Insurance Commissioner . |
| Capital District Physicians Health Plan (CDPHP) | Director; Chair of Governance Committee | Since 2019 | Not-for-profit healthcare organization in NY . |
| Lifetime Healthcare Companies | Director | Appointed Jan 2025 | Family of non-profit companies . |
Board Governance
- Committee assignments: Audit; Finance & Investment; Risk .
- Meeting cadence and engagement: Board held five regular and one special meeting in 2024; independent directors held executive sessions in connection with each regular meeting; each director attended at least 75% of Board and committee meetings served in 2024; director nominees are expected to attend annual meetings and all nominees serving last year attended the 2024 annual meeting .
- Independence: All non-CEO directors are independent per NYSE/SEC standards, with related-person transactions reviewed under policy; no material relationships disclosed for Serio beyond compensatory arrangements for Board service .
- Majority voting with conditional resignation policy in uncontested elections enhances accountability .
Committee Detail
| Committee | Role | 2024 Meetings | Scope |
|---|---|---|---|
| Audit | Member | 8 | Oversees external audit, financial reporting, ICFR, enterprise compliance risks; meets in executive session with auditors and CAE . |
| Finance & Investment | Member | 4 | Capital structure, liquidity, investment portfolio oversight and policy adherence . |
| Risk | Member | 4 | Oversees ERM, risk appetite, risk-taking businesses (mortgage insurance, mortgage conduit, title), cybersecurity/privacy, counterparty risk, business continuity . |
Fixed Compensation
| Component | 2024 | 2025 Program Update | Notes |
|---|---|---|---|
| Annual cash retainer (non-exec director) | $125,000 | $140,000 | Paid quarterly; Serio is not a committee chair . |
| Committee chair fees | Not applicable to Serio | Audit $40,000; Risk $40,000; CHCM $25,000; Finance $25,000; Governance $25,000 (for chairs) | Serio is a member, not a chair . |
| Board meeting fee | $0 (none triggered in 2024) | $5,000 for meetings above threshold | Only paid if meeting count exceeds formula . |
| Annual equity grant (RSUs) | $160,000 grant-date fair value; 5,109 RSUs granted on May 22, 2024 at $31.32 per RSU | $160,000 (non-chair) | Non-exec chairman awards differ; directors generally receive time-based RSUs . |
Performance Compensation
| Instrument | Terms | Vesting/Conversion | Dividends/Other |
|---|---|---|---|
| Time-based RSUs (director equity) | Annual grants to non-exec directors | Vest in full one year from grant (or earlier upon retirement, death, disability); since 2020 convert to shares at vest | Dividend equivalents accrue and are paid at vest; subject to same vesting/forfeiture terms as the award . |
No director performance-linked metrics (TSR, book value, etc.) apply to director equity grants; these are purely time-based RSUs to align interests and retain directors .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Serio . |
| Not-for-profit/health boards | CDPHP (Governance Chair); Lifetime Healthcare Companies (director) . |
| Government/Trust appointments | Lead Trustee, Senior Health Insurance Plan Trust; Director, Senior Health Insurance Company of Pennsylvania . |
| Shared directorships with RDN customers/suppliers | Board considered certain customer relationships for other directors and found no independence impairment; no specific related-party or customer links disclosed for Serio . |
Expertise & Qualifications
- Insurance regulation and policy: Former NY Superintendent of Insurance; NAIC leadership; recognized expert witness in insurance regulatory matters .
- Risk management: Deep experience across underwriting, compliance, and ERM oversight; Risk Committee member .
- Mortgage/real estate: Skillset identified by Board as relevant to Radian’s businesses .
- Government/regulatory: Extensive public-sector leadership; skills matrix marks Serio in Government/Regulatory .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (shares) | 104,185; less than 1% of class . |
| RSUs held (director awards outstanding) | 103,841 RSUs as of Dec 31, 2024 . |
| Stock ownership guideline (directors) | ≥5x annual cash retainer; all non-exec directors currently in compliance . |
| Hedging/pledging | Prohibited for directors under Insider Trading Policy (no hedging or pledging of RDN securities) . |
Governance Assessment
- Alignment and effectiveness: Serio’s committee placements (Audit, Finance & Investment, Risk) match his regulatory and risk expertise; supports robust ERM and financial oversight .
- Independence and attendance: Independent under NYSE/SEC standards; met ≥75% attendance threshold; participates in executive sessions that strengthen board independence .
- Compensation and ownership: Balanced director pay (cash + time-based RSUs) with strong ownership requirements; RSU structure aligns interests while avoiding problematic pay practices; directors receive $160k RSUs that vest after one year .
- Conflicts/related-party exposure: No related-party transactions or independence impairments disclosed for Serio; company maintains a formal related-person transaction policy overseen by the Governance Committee .
- Policies and shareholder signals: Anti-hedging/pledging policy; majority voting with conditional resignations; 2024 say-on-pay support ~83% indicates solid investor backing of compensation governance (for executives) .
RED FLAGS
- None disclosed specific to Serio: no pledging, no related-party transactions, and no attendance or independence concerns in 2024 filings .
Additional Shareholder Context
- Say-on-pay approval (2024): Approximately 83% votes cast in favor, reflecting constructive investor feedback integration by CHCM (executive compensation context) .