PHILADELPHIA, July 19 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN), a leading provider of global credit enhancement products and
services, today announced the appointment of Suzanne Hammett as executive vice
president and chief risk officer, a new position, and the appointment of
Stephen Cooke as president of the company's financial guaranty subsidiary,
replacing Tino Kamarck, who is leaving the company.
"The appointments of Suzanne and Steve will help Radian to make progress
in two critical areas - the elevation of our strong credit culture to a new
level, and the development of a strategy to improve returns in our financial
guaranty business," said S.A. Ibrahim, Radian's chief executive officer.
Ms. Hammett, 50, brings to Radian nearly 30 years of experience working
with global financial services organizations in both operational and strategic
roles. Prior to joining Radian she held a number of senior positions with J.P.
Morgan Chase & Co. Most recently Ms. Hammett was executive vice president,
chief credit policy officer, where she was responsible for establishing a
corporate-wide credit policy that helped strengthen the company's credit
culture.
Throughout her career, Ms. Hammett has been tasked with building
effective, efficient credit risk management processes that allow companies to
engage in profitable opportunities. After the J.P. Morgan Chase merger, she
integrated the two companies' credit risk cultures and functions into a single
platform from which transactions could be better analyzed and valued. Ms.
Hammett also introduced internal credit risk metrics that were standardized
with those that external audiences were using. In her new role at Radian, she
will report directly to Mr. Ibrahim.
"Suzanne's appointment reinforces our commitment to customers, partners,
and shareholders to apply a disciplined approach to opportunities in today's
financial markets," added Mr. Ibrahim. "Radian has built a strong legacy of
innovative risk management strategies and processes over the years. Suzanne
brings a deep understanding of credit management, exceptional strategic
capabilities, and commitment to operational excellence. I'm very pleased to
have her join our team."
Mr. Cooke, 51, currently executive vice president and chief legal officer
for the financial guaranty business, will become president of Radian Asset
Assurance Inc. Mr. Cooke joined Radian in September 2004 from American
Capital Access (ACA), where he served as executive vice president and general
counsel. Previously, he was special counsel at Cadwalader, Wickersham & Taft,
where he represented insurance companies and investment banking clients in
insurance capital market transactions. Prior to that, Mr. Cooke worked for
Ambac Assurance Corporation, where he held the position of managing director
and general counsel during the majority of his 17-year tenure.
David Beidler will continue in his role as senior vice president and
deputy chief of the financial guaranty business. Mr. Beidler, 49, who joined
Radian in 1992, is responsible for day-to-day management and credit decision-
making.
"Radian is fortunate to be able to call upon Steve Cooke's talent and
experience, as we explore opportunities for the future growth of our financial
guaranty business," commented Mr. Ibrahim. "I am confident that Steve, in
collaboration with David Beidler and a task force of Radian senior executives,
will lead us through a comprehensive review of our opportunities in financial
guaranty, and the development of a strategy to improve returns. Tino Kamarck
has played a critical role in Radian's evolution as a credit enhancement
company. We thank him for his contributions and wish him continued success in
the future."
Radian will address these executive changes further on a conference call
on Thursday, July 21, at 9:00 a.m. Eastern Time to discuss the company's
second quarter 2005 results, which will be announced after the market closes
on Wednesday, July 20, 2005. The call can be accessed by dialing 800 622.9923,
and will be broadcast live over the Internet at
http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives. A
replay of the webcast will be available at this site approximately two hours
after the live broadcast ends.
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.
 back to top
Related links:
http://www.radian.biz
CONTACT:
For investors - Mona Zeehandelaar,
+1-215-231-1674, email: mona.zeehandelaar@radian.biz; or For the
media - David Cheung, +1-215-231-1362, email:
david.cheung@radian.biz, both of Radian Group
|
