Robert Quigley
RADIAN GROUPAbout Robert Quigley
Robert J. Quigley is Executive Vice President, Controller and Chief Accounting Officer of Radian (RDN); he has served as the company’s principal accounting officer since November 2018 and was RDN’s principal financial officer from December 2022 to May 2023. He joined Radian in 2009 and was appointed to his current role in August 2020; age 53 as disclosed in the 2025 proxy . Radian’s executive pay links to company performance via Short‑Term Incentive (STI) and Long‑Term Incentive (LTI) plans focused on Adjusted Book Value Per Share, adjusted diluted net operating income per share, adjusted pretax operating income, New Insurance Written, and a relative TSR modifier versus mortgage insurance peers; the 2023 STI corporate funding level was 120% based on 70% financial/30% strategic weighting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Radian Group Inc. | EVP, Controller & Chief Accounting Officer | Aug 2020–present | Principal accounting leadership and controls |
| Radian Group Inc. | Principal Accounting Officer | Nov 2018–present | Company’s principal accounting officer |
| Radian Group Inc. | Principal Financial Officer (interim) | Dec 2022–May 2023 | Led finance function during transition |
| Radian Group Inc. | SVP, Assistant Corporate Controller | Joined 2009 | Corporate accounting leadership |
| Radian Group Inc. | SVP, Financial Planning & Analysis | Not disclosed | FP&A leadership |
| Capmark Financial Group, Inc. | Roles culminating in SVP, Chief Accounting Officer, North America | 10 years (pre‑2009) | Led North America accounting for global CRE finance firm |
| KPMG US LLP | Public accounting/auditing | Not disclosed | Foundational accounting/audit experience |
| Ernst & Young LLP | Public accounting/auditing | Not disclosed | Foundational accounting/audit experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in RDN proxies for Quigley | — | — | — |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Base Salary ($) | $325,000 | $335,000 | $350,000 (raised upon assuming PFO responsibilities) |
| All Other Compensation (2022) Component | Amount ($) |
|---|---|
| Savings Plan Contributions | 18,300 |
| Benefit Restoration Plan Contributions | 6,825 |
| Imputed Income – Long‑term disability insurance | 2,530 |
| Imputed Income – Life insurance | 787 |
| Total All Other Compensation (2022) | 28,442 |
Performance Compensation
| STI Awards | 2022 | 2023 |
|---|---|---|
| Target STI Award ($) | 275,000 | 300,000 (target increased 9% YoY) |
| Actual STI Award ($) | 342,500 | 390,000 |
| Payout (% of Target) | 125% | 130% |
| 2023 STI Corporate Funding Level | Financial Objectives | Strategic Objectives | Funding Level |
|---|---|---|---|
| % Achieved and Weighting | 129% × 70% = 90% | 100% × 30% = 30% | 120% of target |
| LTI Program Design (applies to NEO awards) | Weighting | Metric/Condition | Key Terms |
|---|---|---|---|
| Performance‑based RSUs (BV RSUs) | 60% | Growth in “LTI Book Value per Share” with Relative TSR Modifier vs MI peers (Enact, Essent, MGIC, NMI) | 3‑year performance period; one‑year post‑vesting holding; double‑trigger change‑of‑control treatment |
| Time‑based RSUs | 40% | Service vesting | Pro‑rata vest May 15 of three successive years for 2024 grants (2025–2027) |
Equity Ownership & Alignment
| Beneficial Ownership | As of Mar 20, 2023 | As of Mar 25, 2024 |
|---|---|---|
| Shares Beneficially Owned (#) | 59,150 | 78,339 |
| Short‑Term Convertible/Exercisable (within 60 days of Mar 25, 2024) | Count (#) |
|---|---|
| RSUs Convertible | 25,399 |
| Options Exercisable | 7,620 |
| Options Outstanding (at 2022 Fiscal Year‑End) | Exercisable (#) | Strike ($) | Expiry |
|---|---|---|---|
| Option grant | 2,740 | 13.99 | 5/13/2023 |
| Option grant | 2,470 | 15.44 | 6/16/2024 |
| Option grant | 2,050 | 18.42 | 7/8/2025 |
| Option grant | 3,100 | 12.16 | 5/10/2026 |
| RSUs Outstanding (at 2022 Fiscal Year‑End) | Units (#) | Market Value ($) |
|---|---|---|
| Time‑based RSUs (footnote (2)) | 2,086 | 39,780 |
| Performance‑based RSUs (BV RSUs, footnote (3)) | 21,800 | 415,726 |
| Time‑based RSUs (footnote (4)) | 2,767 | 52,767 |
| Performance‑based RSUs (BV RSUs, footnote (5)) | 13,880 | 264,692 |
| Time‑based RSUs (footnote (6)) | 4,540 | 86,578 |
| Performance‑based RSUs (BV RSUs, footnote (7)) | 14,980 | 285,669 |
| Additional time‑based RSUs (footnote (6)) | 10,000 | 190,700 |
| Realized Equity Activity | 2022 | 2023 |
|---|---|---|
| Options Exercised (#) | — | 2,740 |
| Value Realized on Option Exercise ($) | — | 29,866 |
| RSUs Vested (#) | 15,004 | 30,115 |
| Value Realized on RSU Vesting ($) | 317,935 | 760,962 |
| Dividend Equivalents Paid on RSU Vesting ($) | 23,590 | 69,092 |
- Stock ownership guidelines: CEO 7× base salary; Other NEOs 2.5× base salary; performance‑based equity awards are not credited until period end; one‑year post‑vest hold for performance‑based awards; double‑trigger CoC; no dividends paid on unvested awards .
- Anti‑hedging and anti‑pledging: Radian prohibits hedging and pledging (including short sales, options, margin accounts, or collateralized pledges) to safeguard alignment and reduce forced‑sale risks .
Employment Terms
| Severance Economics (as of Dec 31, 2023) | Termination w/o Cause or Good Reason (No CoC) ($) | Termination w/o Cause or Good Reason (In Connection with CoC) ($) | Death/Disability ($) |
|---|---|---|---|
| Cash Severance – Base Salary | 525,000 | 525,000 | — |
| Cash Severance – Bonus (target) | 750,000 | 750,000 | — |
| STI (award eligible/paid) | 390,000 | 390,000 | 390,000 |
| Performance‑based RSUs (estimated value) | 598,865 | 985,514 | 654,482 |
| Time‑based RSUs (accelerated value) | 375,732 | 467,694 | 467,694 |
| Continued Health/Welfare Benefits | 16,457 | 16,457 | — |
| Outplacement Services | 20,000 | 20,000 | — |
| Total (illustrative sum of listed items) | 2,676,054 | 3,154,665 | 1,512,176 |
- Company policy baseline: Other NEOs’ severance multiples are 1.5× the sum of base salary and target STI, plus pro‑rated target STI for year of termination; no excise tax gross‑ups; no accelerated payments solely upon CoC absent termination .
- Agreements auto‑renew annually unless RDN gives ≥45 days’ notice; outplacement up to 12 months; Section 280G “best‑net” reductions may apply .
Performance Compensation – Detailed STI Structure
| Metric | Weighting | Target/Payout Basis | Vesting/Payment |
|---|---|---|---|
| STI (Company financial objectives) | 70% (2023) | Company metrics set pre‑year; Quigley target $300,000; payout $390,000 (130%) | Paid after year end; eligibility per STI plan |
| STI (Strategic execution) | 30% (2023) | Strategic objectives assessed; contributes 30% to funding | Paid after year end |
Investment Implications
- Pay‑for‑performance alignment: Quigley’s STI payouts at 125% (2022) and 130% (2023) reflect corporate over‑achievement, with funding driven by book value growth, adjusted operating earnings, and NIW—tying incentives to balance sheet value creation and underwriting discipline .
- Retention and change‑of‑control: Double‑trigger treatment for performance RSUs and 1.5× severance multiple (salary + target STI) for non‑CEO NEOs support retention and mitigate sudden departure risk; 2023 severance scenario values indicate material unvested equity at risk .
- Near‑term selling pressure windows: RSUs routinely vest and convert; Quigley realized vesting of 30,115 shares in 2023 and 15,004 in 2022, with dividend equivalents; 2022 grant footnotes indicate time‑based and BV RSUs scheduled to vest May 15, 2025, implying potential tax‑withholding related selling around that date .
- Alignment safeguards: Strict anti‑hedging/anti‑pledging rules and one‑year post‑vest holding for performance RSUs reduce misalignment and forced sale risk, improving signal quality from insider transactions .
- Ownership depth: Beneficial ownership rose to 78,339 shares by March 25, 2024, with 25,399 RSUs convertible and 7,620 options exercisable within 60 days, indicating tangible skin‑in‑the‑game plus scheduled equity conversion cadence relevant for monitoring insider flows .