Radian Receives License in Hong Kong
10 Octobre 2006 - 6:44PM
PR Newswire (US)
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.
DATASOURCE: Radian Group Inc. CONTACT: For investors- Mona
Zeehandelaar, +1-215-231-1674, , or for the media - Corporate
Communications, +1-215-231-1990, , both of Radian Group Web site:
http://www.radian.biz/
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