Financial Services Industry Veteran to Lead Global Credit Enhancement Company
PHILADELPHIA, April 25 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN), a leading provider of global credit enhancement products and
services, today announced the appointment of S.A. Ibrahim, 53, a 27-year
veteran of the banking and mortgage industries, as chief executive officer,
effective May 5. Mr. Ibrahim succeeds Frank Filipps, who is retiring from
Radian.
(Photo: http://www.newscom.com/cgi-bin/prnh/20050425/PHM051 )
Mr. Ibrahim joins Radian from GreenPoint Mortgage, a leading national
mortgage banking company, where he has served as president and chief executive
officer since 1999. During his tenure, Mr. Ibrahim led GreenPoint through a
period of dramatic growth in originations, market share and income, driven by
product development, technology leadership and the establishment of successful
industry partnerships and entrepreneurial new ventures. Mr. Ibrahim also
served as chief operating officer at GreenPoint, leading the company through
the successful acquisition of Headlands Mortgage. Through this process, he
managed the integration of various corporate cultures as well as disparate
operational environments.
Mr. Ibrahim's experience in building operating platforms and
infrastructure includes a position with American Express, where he served as
the head of international operations reengineering. Before American Express,
Mr. Ibrahim was CEO and COO of Chemical Banking Corporation's mortgage lending
unit, where he helped transform the company into a nationally recognized
mortgage lender.
"S.A. will be an exceptional CEO," said Lead Director Herbert Wender.
"With 27 years of experience and proven success, he is a well-established
leader in the financial services industry, and he brings tremendous knowledge
and vision. The Board and I look forward to working with S.A., as Radian
applies its risk management expertise to new challenges in financial markets
around the world."
Mr. Ibrahim is a graduate of the Wharton School of the University of
Pennsylvania, where he received an M.B.A. in finance in 1978. He received a
bachelor of engineering degree in mechanical engineering from Osmania
University in India in 1975.
"I'm very pleased to take on this exciting new responsibility," said Mr.
Ibrahim. "Radian has built a solid reputation for innovation and customer
focus. I look forward to working with the Radian team to continue that
culture of excellence."
For further information regarding the terms of Mr. Ibrahim's employment
with Radian, please see Radian's Form 8-K filed with the SEC today.
About Radian Group Inc.
Radian Group Inc. is a leading credit enhancement provider to the global
financial and capital markets, headquartered in Philadelphia. Radian's
subsidiaries provide products and services through three business lines:
financial guaranty, mortgage insurance and other financial services.
Additional information may be found at http://www.radian.biz.
All statements in this press release that address operating performance,
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, 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 significant customers 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 the insurance financial-strength
ratings assigned by the major ratings agencies to Radian's operating
subsidiaries; intense competition from others and from alternative products to
private mortgage insurance and financial guaranty insurance; changes in the
business practices of Fannie Mae and Freddie Mac; the application of existing
federal or state consumer lending and insurance laws and regulations, or
unfavorable changes in these laws and regulations or the way they are
interpreted or applied, including 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); legislative and regulatory changes affecting
demand for private mortgage insurance and financial guaranty insurance;
changes in claims against mortgage insurance products resulting from the aging
of Radian's mortgage insurance policies; changes in Radian's ability to
maintain sufficient reinsurance capacity in an increasingly concentrated
reinsurance market; vulnerability to the performance of Radian's strategic
investments; and the loss of executive officers or other key personnel.
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. 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
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20050425/PHM051
AP Archive: http://photoarchive.ap.org AP PhotoExpress
Network: PRN8 PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
For investors - Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz; For the media -
David Cheung, +1-215-231-1362, david.cheung@radian.biz, or
Jeannine Lewan, +1-212-984-9256, jeannine.lewan@radian.biz, all
of Radian Group Inc.
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