HONG KONG, Oct. 10 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE:
RDN), a global credit risk management company, today announced that its
subsidiary, Radian Insurance Inc., received authorization to conduct
insurance business in and from Hong Kong. In 2005, Radian began its
partnership with Standard Chartered Bank (Hong Kong) Limited, one of the
area's largest mortgage lenders, and became their exclusive mortgage
insurance provider.
The Certificate of Authorization granted by Hong Kong's Commissioner of
Insurance illustrates the success of Radian's international growth
strategy. By partnering with leading organizations such as Standard
Chartered, Radian is able to leverage its expertise in mortgage credit risk
and capitalize on Hong Kong's growing mortgage market.
"This license is an important milestone for Radian," said Jeff Cashmer,
Radian's senior vice president, International Mortgage. "Through our
partnership with Standard Chartered, Radian has helped to provide Hong Kong
homebuyers with new financing options, while reinforcing our commitment to
growing the area's mortgage market. As a fully licensed branch office, we
can make an even greater impact."
"Standard Chartered is known for providing flexible financial solutions
to its customers," said Susanna Liew, General Manager, Mortgages & Auto,
Consumer Banking, Standard Chartered Bank. "With Radian as a partner, we're
able to provide even more options to help meet the growing needs of
homebuyers in Hong Kong."
About Radian Group Inc.
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 news 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,
or changes or volatility in interest rates; changes in investor perception
of the strength of private mortgage insurers or financial guaranty
providers; 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; increased severity or frequency
of losses associated with certain Radian products that are riskier than
traditional mortgage insurance and financial guaranty insurance policies;
material changes in persistency rates of Radian's mortgage insurance
policies; changes in 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 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, 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 inquiries that we and other mortgage
insurers have received from the New York Insurance Department and public
reports that other state insurance departments are investigating or
planning to 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. Radian does not intend to, and disclaims any duty or
obligation to, update or revise any forward-looking statements made in this
news release to reflect new information, future events or for any other
reason. For more information regarding these risks and uncertainties, as
well as certain additional risks that we face, investors should refer to
the risk factors detailed in Part I, Item 1A of our annual report on Form
10-K for the year ended December 31, 2005 and the material changes to these
risk factors detailed in Part II, Item 1A of our quarterly report on Form
10-Q for the quarter ended June 30, 2006.
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, +1-215-231-1990, media@radian.biz, both
of Radian Group
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