PHILADELPHIA, Feb. 8 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN) announced today that its Board of Directors authorized the
purchase of up to four million shares of Radian's common stock on the open
market. Under this new program, share purchases may be made from time to time
depending on market conditions, share price and other factors. The purchases
will be funded from available working capital.
In addition, Radian announced today that the company's Board of Directors
approved a regular quarterly dividend on its common stock in the amount of
$0.02 per share, payable on March 23, 2006, to stockholders of record as of
February 17, 2006.
Radian Group Inc. is a global credit risk management company headquartered
in Philadelphia with significant operations in both New York and London.
Radian develops innovative financial solutions by applying its core mortgage
credit risk expertise and structured finance capabilities to the credit
enhancement needs of the capital markets worldwide, primarily through credit
insurance products. The company also provides credit enhancement for public
finance and other corporate and consumer assets on both a direct and
reinsurance basis and holds strategic interests in active credit-based
consumer asset businesses. Additional information may be found at
http://www.radian.biz.
All statements made in this press release that address events or
developments that we expect or anticipate may occur in the future are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and
the U.S. Private Securities Litigation Reform Act of 1995. These statements
are made on the basis of management's current views and assumptions with
respect to future events. The forward-looking statements, as well as Radian's
prospects as a whole, are subject to risks and uncertainties, including the
following: changes in general financial and political conditions such as
extended national or regional economic recessions (or expansions), changes in
housing values, population trends and changes in household formation patterns,
changes in unemployment rates, changes or volatility in interest rates, or
other political instability; changes in investor perception of the strength of
private mortgage insurers or financial guaranty providers, and risks faced by
the businesses, municipalities or pools of assets covered by Radian's
insurance; the loss of a customer with whom Radian has a concentration of its
insurance in force; rising delinquencies in mortgage loans insured by Radian
resulting from increased consolidation of mortgage lenders and servicers;
increased severity or frequency of losses associated with certain Radian
products that are riskier than traditional mortgage insurance and municipal
guaranty insurance policies; material changes in persistency rates of Radian's
mortgage insurance policies; downgrades of Radian's credit ratings or the
insurance financial-strength ratings assigned by the major ratings agencies to
Radian's operating subsidiaries; heightened competition from other insurance
providers and from alternative products to private mortgage insurance and
financial guaranty insurance; changes in the charters or business practices of
Fannie Mae and Freddie Mac; the application of existing federal or state
consumer lending, insurance and other applicable laws and regulations, or
unfavorable changes in these laws and regulations or the way they are
interpreted or applied, including: (i) the possibility of private lawsuits or
investigations by state insurance departments and state attorneys general
alleging that services offered by the mortgage insurance industry, such as
captive reinsurance, pool insurance and contract underwriting, are violative
of the Real Estate Settlement Procedures Act and/or similar state regulations
(particularly in light of public reports that some state insurance departments
may review or investigate captive reinsurance arrangements used in the
mortgage insurance industry), or (ii) legislative and regulatory changes
affecting demand for private mortgage insurance or financial guaranty
insurance; the possibility that we may fail to estimate accurately the
likelihood, magnitude and timing of losses in connection with establishing
loss reserves for our mortgage insurance or financial guaranty businesses or
to estimate accurately the fair value amounts of derivative financial guaranty
contracts in determining gains and losses on these contracts; changes in
accounting guidance from the SEC or the Financial Accounting Standards Board
regarding income recognition and the treatment of loss reserves in the
mortgage insurance or financial guaranty industries; changes in claims against
mortgage insurance products resulting from the aging of Radian's mortgage
insurance policies; vulnerability to the performance of Radian's strategic
investments; changes in the availability of affordable or adequate reinsurance
for our non-prime risk; and international expansion of our mortgage insurance
and financial guaranty businesses into new markets and risks associated with
our international business activities. Investors are also directed to other
risks discussed in documents filed by Radian with the SEC, including the
factors detailed in our annual report on Form 10-K for the year ended December
31, 2004 in the section immediately preceding Part I of the report. We
caution you not to place undue reliance on these forward-looking statements,
which are current only as of the date of this press release. Radian does not
intend to and disclaims any duty or obligation to update or revise any
forward-looking statements made in this press release to reflect new
information, future events or for any other reason.
SOURCE Radian Group Inc.
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Related links:
http://www.radian.biz
CONTACT:
For investors - Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz, or for the media -
Corporate Communications, +1-888-NEWS-520, media@radian.biz, both
of Radian Group Inc.
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