Former Vantage Group and Goldman Sachs exec named EVP and CFO
NMI Holdings Inc. has announced the appointment of Aurora Swithenbank as EVP and CFO, effective May 1, 2024. Swithenbank will succeed Ravi Mallela, who has held the role since 2022 and will remain with the company until Swithenbank’s appointment to ensure a seamless transition.
Swithenbank previously served as CFO at Vantage Group Holdings Ltd., a Bermuda-based specialty insurance and reinsurance group, where she led the organization of the company’s finance department as its first CFO. Prior to Vantage Group, Swithenbank spent more than 20 years at Goldman Sachs in a number of roles, including as a Partner and Head of Insurance in the Americas Financing Group.
“Aurora is a uniquely talented executive with an impressive track record of leadership in the banking and insurance industries, and I am delighted to welcome her to our team,” said Adam Pollitzer, National MI’s President and CEO. “I look forward to working closely with her and the rest of our executive team as National MI continues to deliver innovative solutions for our customers and their borrowers, and execute on our long-term growth and capital strategies to drive value for shareholders.”
Mallela joined National MI in 2022, after serving as EVP and CFO of First Hawaiian Inc., a publicly traded bank holding company based in Honolulu, Hawaii. His prior experience includes senior management roles at First Republic Bank, Bank of Montreal, and Wells Fargo Bank.
“On behalf of the Board and our broader executive team, I would also like to thank Ravi for his partnership and for the significant contributions he has made to National MI,” added Pollitzer. “As Chief Financial Officer, he has helped us deliver strong growth in our high-quality insured portfolio, best-in-class credit performance, and record financial results. We wish Ravi the best as he continues his successful career.”
NMI reports 2023 earnings
NMI Holdings recently reported net income of $83.4 million for Q4, compared to $84 million in Q3 and $72.9 million reported in Q4 of 2022. Net income for the full year ended December 31, 2023 was $322.1 million, which compares to $292.9 million for the year ended December 31, 2022. Adjusted net income for the year was $322.1 million, which compares to $291.6 million, for the year ended December 31, 2022.
“The fourth quarter capped another year of standout success for National MI,” said Pollitzer. “In 2023, we delivered strong operating performance, generated significant NIW volume and consistent growth in our insured portfolio, and achieved record financial results and an 18.2% return on equity. We have built an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, our credit performance continues to stand ahead, and we have a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well-positioned to continue delivering differentiated growth, returns and value for our shareholders.”
NMI Holdings is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership, while protecting lenders and investors against losses related to a borrower’s default.
