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NMI Holdings Executive Compensation (FY25)

NMIH · Emeryville, CA · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 15, 2026
258 figures on this page: 250 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
Adam Pollitzer was paid $10,209,615 in total compensation as President and Chief Executive Officer for fiscal 2025, and Pollitzer's total moved 13.7% higher from the $8,978,934 reported for fiscal 2024. The company reported a chief executive pay ratio of 55:1 for fiscal 2025, against median employee compensation of $186,455. Shareholders supported the say-on-pay proposal with 92.5% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025. The disclosed peer group names Ambac Financial Group, Inc., Assured Guaranty Ltd., Enact Holdings, Inc., Essent Group Ltd. and Investors Title Company, among others.
Chief executive, fiscal 2025
◇
Adam Pollitzer
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Adam Pollitzer: $8,978,934 → $10,209,615 (13.7% higher)
CEO pay ratio: 50.6:1 → 55:1 (8.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is NMI Holdings' chief executive and what were they paid?
Adam Pollitzer was paid $10,209,615 in total compensation as President and Chief Executive Officer for fiscal 2025. Pollitzer's total moved 13.7% higher from the $8,978,934 reported for fiscal 2024.
What was NMI Holdings' say-on-pay result?
Shareholders supported the say-on-pay proposal with 92.5% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in NMI Holdings' peer group?
The disclosed peer group names Ambac Financial Group, Inc., Assured Guaranty Ltd., Enact Holdings, Inc., Essent Group Ltd. and Investors Title Company, among others.
What is NMI Holdings' chief executive pay ratio?
The company reported a chief executive pay ratio of 55:1 for fiscal 2025, against median employee compensation of $186,455.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Adam Pollitzer
President and Chief Executive Officer
◇—◇—◇—◇◇
Ravi Mallela
Former Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
William Leatherberry
General Counsel
◇—◇—◇—◇◇
Robert Smith
, Chief Risk Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Adam Pollitzer
President and Chief Executive Officer
◇—◇—◇—◇◇
William Leatherberry
General Counsel
◇—◇—◇—◇◇
Ravi Mallela
Former Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Robert Smith
, Chief Risk Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Adam Pollitzer
President and Chief Executive Officer
◇—◇—◇—◇◇
Aurora Swithenbank
Chief Financial Officer
◇—◇—◇—◇◇
Bradley Shuster
Executive Chairman and Chairman of the Board
◇—◇—◇—◇◇
William Leatherberry
Chief Administrative Officer, General Counsel
◇—◇—◇—◇◇
Robert Smith
Chief Risk Officer
◇—◇—◇—◇◇
Ravi Mallela
Former Chief Financial Officer
Departed during or after this year
◇—◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Adam Pollitzer
President and Chief Executive Officer
◇—◇—◇—◇◇
Bradley Shuster
Executive Chairman
◇—◇—◇—◇◇
William Leatherberry
Chief Administrative Officer, General Counsel
◇—◇—◇—◇◇
Aurora Swithenbank
Chief Financial Officer
◇—◇—◇—◇◇
Robert Smith
Chief Risk Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Adam S. PollitzerRSU◇——◇——◇
Adam S. PollitzerPSU◇◇◇—◇—◇
Aurora SwithenbankRSU◇——◇——◇
Aurora SwithenbankPSU◇◇◇—◇—◇
Bradley M. ShusterPSU◇◇◇—◇—◇
Bradley M. ShusterRSU◇——◇——◇
Robert SmithRSU◇——◇——◇
Robert SmithPSU◇◇◇—◇—◇
William J. LeatherberryRSU◇——◇——◇
William J. LeatherberryPSU◇◇◇—◇—◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Robert SmithRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇—
PSU◇◇——
Option◇—◇—
Bradley ShusterRSU◇◇——
RSU◇◇——
Option◇—◇—
Option◇—◇—
Option◇—◇—
PSU◇◇——
RSU◇◇——
Aurora SwithenbankRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
William LeatherberryPSU◇◇——
Option◇—◇—
Option◇—◇—
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Option◇—◇—
Adam PollitzerPSU◇◇——
Option◇—◇—
RSU◇◇——
Option◇—◇—
RSU◇◇——
Option◇—◇—
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven L. Scheid
Lead independent director
◇◇————◇
Michael Embler
◇◇————◇
Lynn S. McCreary
◇◇————◇
Regina Muehlhauser
◇◇————◇
John C. Erickson
◇◇————◇
Priya Huskins
◇◇————◇
Michael Montgomery
◇◇————◇
Renu Agrawal, Bradley M. Shuster and Adam S. Pollitzer served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Ambac Financial Group, Inc. symbol not shown
  • Assured Guaranty Ltd. AGO
  • Enact Holdings, Inc. ACT
  • Essent Group Ltd. ESNT
  • Investors Title Company ITIC
  • Kinsale Capital Group, Inc. KNSL
  • MGIC Investment Corporation MTG
  • Mr. Cooper Group Inc. symbol not shown
  • Onity Group Inc. ONIT
  • PennyMac Financial Services PFSI
  • Radian Group Inc. RDN
  • Redwood Trust RWT
  • RLI Corp. RLI
  • Stewart Information Services Corporation STC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 8, 2025=◇◇◇
2023May 9, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2021May 12, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018May 9, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact NMI Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where NMI Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
258 figures on this page: 250 cited to the filing that reported them, 8 calculated from figures it prints.
250 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001547903-26-000033
  2. 0001547903-26-000019
    CEO PAY RATIO · Director Compensation · Grants of Plan-Based Awards · OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END · and 2 more sections
  3. 0001547903-25-000076
  4. 0001547903-25-000050
    SUMMARY COMPENSATION TABLE
  5. 0001547903-24-000111
  6. 0001547903-24-000091
    2023 SUMMARY COMPENSATION TABLE
  7. 0001547903-23-000090
  8. 0001547903-23-000061
    Summary Compensation Table
  9. 0001547903-22-000106
  10. 0001547903-21-000107
  11. 0001547903-20-000052
  12. 0001547903-19-000091
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Velarion, “NMI Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NMIH (accessed 2026).
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers NMI Holdings discloses

The companies named in NMIH's own disclosed peer group.

Assured Guaranty Ltd.Enact Holdings, Inc.Essent Group Ltd.Kinsale Capital Group, Inc.MGIC Investment CorporationRadian Group Inc.Redwood Trust

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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