New Intellectual Capital and Financial Strength Rating Position Radian
Europe for International Growth
LONDON, Dec. 7 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: RDN),
a global credit risk management company, today announced two key
achievements against its strategy for disciplined growth in the U.K. and
Europe. The company announced three appointments within its newest mortgage
credit enhancement subsidiary, Radian Europe Limited, and noted it had
earned a AA insurer financial strength rating from Fitch Ratings.
"We are very pleased with the progress we are making and believe our
investments in people, products and technology position us well to maximize
future opportunities in key European markets," said Jeff Cashmer, Radian's
senior vice president, International Mortgage. "Fitch's AA rating, which
follows a AA stable rating by Standard and Poor's in July, is an important
validation of our disciplined growth plan."
The company's goal is to leverage its strength and capabilities in the
U.S., thus generating prudent growth in European markets, and to achieve a
meaningful and diversified earnings contribution from international
activities in three to five years.
Key Appointments
Mini Radhakrishnan has been promoted to vice president, Structured
Transactions and Business Development. Ms. Radhakrishnan joined Radian in
1999, and worked in various risk analytics, capital markets and credit
roles before joining the International Mortgage group in 2003. She earned
an MBA from Drexel University in Management Information Systems and
International Business, and an MBA in Finance from the University of
Bombay, India.
George Tzigiannis has been promoted to vice president, Structured
Transactions and Business Development. Mr. Tzigiannis joined Radian in 2004
in the Capital Markets group, where he was responsible for structured
mortgage insurance pricing. Before joining Radian, he was an assistant vice
president of Secondary Marketing at Chase Home Finance.
Mary Boyle has joined Radian as vice president, Risk Management for
European Mortgage Markets. Her responsibilities include managing mortgage
risk and overseeing all risk management processes in the United Kingdom and
European Union, as well as oversight of risk assessment for new market and
business development. Ms. Boyle joins Radian from GE Asset Management,
where she held positions in credit analysis and research.
Fitch Rating
Radian Europe received a AA insurer financial strength rating from
Fitch Ratings. In its report, Fitch noted that the rating reflects
operational and capital support from Radian's parent companies and
subsidiaries, and takes into account the strategic importance of the
European market to the group as well as a good initial standalone
capitalization.
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,
and changes or volatility in interest rates; 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; 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 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 public reports
that some state insurance departments are investigating 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. 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 in
our annual report on Form 10-K for the year ended December 31, 2005. We
caution you not to place undue reliance on these forward-looking
statements, which are current only as of the date of this news release.
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.
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: Corporate Communications, +1-215-231-1990, email:
media@radian.biz, both of Radian Group
|
