Radian Completes Commutation of $827 Million Reinsurance Portfolio to FGIC
14 Janvier 2013 - 10:00PM
Business Wire
Radian Group Inc. today announced that on January 9, 2013, its
financial guaranty insurance subsidiary, Radian Asset Assurance
Inc., completed the commutation of its remaining reinsurance risk
from Financial Guaranty Insurance Company (FGIC). As previously
reported when the companies entered into the agreement, the
outstanding par reinsured by Radian Asset from FGIC was $827
million as of September 30, 2012.
Radian Asset made the expected commutation payment of $52.4
million to FGIC following approval of the transaction by the
Supreme Court of the State of New York. This payment primarily
represents existing loss reserves and unearned premium reserves for
the portfolio, and therefore will not have a material impact on
Radian’s consolidated financial statements or Radian Asset’s
statutory capital position. The commuted portfolio represents 13
percent of Radian Asset’s total reinsurance exposure as of
September 30, 2012.
“We continue to make important strides in reducing Radian’s
financial guaranty exposure, including many of the riskiest
segments of the portfolio,” stated Chief Executive Officer S.A.
Ibrahim. “We are pleased to successfully complete this latest
transaction, which reduces our total reinsurance portfolio by 13
percent and supports our company’s capital management
strategy.”
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk mitigation
products and services to mortgage lenders nationwide through its
principal operating subsidiary, Radian Guaranty Inc. These services
help promote and preserve homeownership opportunities for
homebuyers, while protecting lenders from default-related losses on
residential first mortgages and facilitating the sale of
low-downpayment mortgages in the secondary market.
Forward-looking Statements
All statements in this press release that address events,
developments or results that we expect or anticipate may occur in
the future are “forward-looking statements” within the meaning of
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Private Securities Litigation Reform Act of 1995. In most cases,
forward-looking statements may be identified by words such as
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other variations on these words and other similar expressions.
These statements, which may include, without limitation,
projections regarding our future performance and financial
condition, are made on the basis of management’s current views and
assumptions with respect to future events. Any forward-looking
statement is not a guarantee of future performance and actual
results could differ materially from those contained in the
forward-looking information. As a result, these statements speak
only as of the date they were made, and we undertake no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For more information regarding risks and uncertainties 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
Reports on Form 10-Q filed during 2012, and in subsequent reports
and registration statements filed from time to time with the
Securities and Exchange Commission.
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