PHILADELPHIA, Nov. 18 /PRNewswire-FirstCall/ -- Radian Group Inc.
(NYSE: RDN), a leading provider of credit risk management products and
services, today announced the appointment of Mark A. Casale as Executive Vice
President, Mortgage Insurance. In his new role, Mr. Casale, 41, is
responsible for the company's mortgage insurance business in the United
States. He will report to Roy J. Kasmar, Radian's President and Chief
Operating Officer.
"With extensive experience in capital markets and deep knowledge of the
mortgage industry, Mark is uniquely qualified to lead our domestic mortgage
insurance business, balancing the growth potential of our structured business
with the long-term relationships and steady earnings of our traditional
channels," commented S.A. Ibrahim, Radian's Chief Executive Officer.
Mr. Casale previously served as Radian's Senior Vice President, Capital
Markets, and was responsible for developing credit enhancement solutions for
non-prime mortgage originators and securities firms. He also managed the
company's partnerships with C-BASS and Sherman, leading financial services
companies in which Radian has strategic investments.
Prior to joining Radian in 2001, Mr. Casale was with Advanta Corporation,
where he held several executive positions in the company's mortgage group,
focusing on business growth in non-prime mortgage and capital markets. He
also formed a division that offered business-to-business capital market
services including securitization access and financing to midsize mortgage
bankers.
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 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 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 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), (ii) the
outcome of private lawsuits that have been brought against us or that may be
brought against us and other mortgage insurers under the Fair Credit Reporting
Act, or (iii) 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; international expansion of our mortgage
insurance and financial guaranty businesses into new markets and risks
associated with our international business activities; 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. 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:
Investors, Mona Zeehandelaar, +1-215-231-1674
or mona.zeehandelaar@radian.biz; Media, Corporate Communications,
+1-888-NEWS-520 or media@radian.biz
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