PHILADELPHIA, Aug. 9 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN) announced today that its Board of Directors authorized the
purchase of up to three million shares of Radian's common stock on the open
market. Under this new program, share purchases may be made from time to time
in the open market 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 September 20, 2005, to shareholders of record as
of August 23, 2005.
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 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; 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
CONTACT:
For investors: Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz, or For the media:
Jeannine Lewan, +1-212-984-9256, jeannine.lewan@radian.biz, both
of Radian Group
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