- Current report filing (8-K)
11 Octobre 2012 - 12:03PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported) October 10, 2012
Radian Group Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
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1-11356
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23-2691170
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(State or Other Jurisdiction
of Incorporation)
|
(Commission
File Number)
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(IRS Employer
Identification No.)
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1601
Market Street, Philadelphia, Pennsylvania
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19103
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(215) 231 - 1000
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions
(
see
General
Instruction A.2. below)
:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 10, 2012, Radian Group Inc. (the “Company”) issued a news
release announcing, among other things:
-
The delinquency data for its mortgage insurance business as of
September 30, 2012; and
-
During the monthly period ending September 30, 2012, Radian Guaranty
Inc., the Company’s principal mortgage insurance subsidiary, wrote
$3.54 billion of new insurance written.
The Company also announced that it expects that Radian Guaranty will
remain below a 25:1 risk-to-capital ratio for the remainder of 2012, and
that based on this projection and existing waivers of other risk-based
capital requirements in certain states, the Company expects to continue
to write all of its mortgage insurance business in Radian Guaranty
during this period.
A copy of this news release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
The information included in, or furnished with, this report shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 (the "Exchange Act"), nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933 or the Exchange
Act, except as shall be expressly set forth by specific reference in
such filing.
Forward-looking Statements
All statements in this Current Report on Form 8-K that address events,
developments or results 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 United States (“U.S.”) Private Securities
Litigation Reform Act of 1995. In most cases, forward-looking statements
may be identified by words such as “anticipate,” “may,” “will,” “could,”
“should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,”
“believe,” “estimate,” “predict,” “project,” “potential,” “continue,” or
the negative or other variations on these words and other similar
expressions. The forward-looking statements, as well as our prospects as
a whole, are subject to risks and uncertainties, including the following:
-
changes in general economic and political conditions, including high
unemployment rates and continued weakness in the U.S. housing and
mortgage credit markets, the U.S. economy reentering a recessionary
period, a significant downturn in the global economy, a lack of
meaningful liquidity in the capital markets or credit markets, changes
or volatility in interest rates or consumer confidence and changes in
credit spreads, each of which may be accelerated or intensified by,
among other things, further actual or threatened downgrades of U.S.
credit ratings;
-
our ability to successfully execute upon our capital plan, including
our capital management initiatives, for our mortgage insurance
business (which depends, in part, on the performance of our financial
guaranty portfolio), and if necessary, to obtain additional capital to
support our mortgage insurance business and the long-term liquidity
needs of our holding company;
-
our ability to maintain an adequate risk-to-capital position and
surplus requirements in our mortgage insurance business in light of
ongoing losses in this business, which could depend on our ability to
obtain regulatory and other approvals, and the possibility that we
could become subject to state or federal regulatory actions or
proceedings;
-
the application of existing federal or state consumer, lending,
insurance, tax, securities and other applicable laws and regulations,
or changes in these laws and regulations or the way they are
interpreted, including, without limitation, any such results from: (i)
the resolution of existing, or the possibility of additional, lawsuits
or investigations; and (ii) legislative and regulatory changes (a)
impacting the demand for private mortgage insurance, (b) limiting or
restricting our use of (or increasing requirements for) additional
capital and the products we may offer, (c) affecting the form in which
we execute credit protection, or (d) impacting our existing financial
guaranty portfolio; and
-
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 premium deficiencies for our mortgage insurance
business, or to estimate accurately the fair value amounts of
derivative instruments in determining gains and losses on these
contracts.
For more information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to the Risk
Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K
for the year ended December 31, 2011 and in Item 1A of Part II of our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, and
subsequent reports and registration statements filed from time to time
with the Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits.
99.1* Radian Group Inc. News Release dated October 10, 2012.
_____________________
* Furnished herewith.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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RADIAN GROUP INC.
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(Registrant)
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Date:
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October 11, 2012
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By:
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/s/ C. Robert Quint
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C. Robert Quint
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit
No.
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Description
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99.1*
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Radian Group Inc. News Release dated October 10, 2012
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* Furnished herewith.
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