Radian Stockholders at Annual Meeting Re-elect Directors, Approve Executive Compensation & All Other Proposals; Company Decla...
15 Mai 2013 - 10:00PM
Business Wire
Radian Group Inc. announced today that its stockholders
re-elected eleven directors, who serve one-year terms and are
re-elected annually. The company’s stockholders also approved all
of the Board of Directors’ recommendations presented for vote at
Radian’s 2013 Annual Meeting, including an annual advisory vote on
Radian’s executive compensation, an increase in the company’s
authorized shares of common stock from 325 million to 485 million,
and a re-approval of each primary component of Radian’s tax benefit
preservation strategy.
Radian also announced that the company’s Board of Directors
approved a regular quarterly dividend on its common stock in the
amount of $0.0025 per share, payable on June 5, 2013, to
stockholders of record as of May 28, 2013.
Chief Executive Officer S.A. Ibrahim addressed the attendees of
Radian’s Annual Meeting by stating, “Thanks to the determination
and dedication of the Radian team, we wrote an increasing volume of
new mortgage insurance business each consecutive quarter in 2012,
and ended the year with more than double the amount of business we
wrote in 2011. In March this year, we successfully completed a
capital raise with net proceeds of $689 million. We now expect to
maintain a risk-to-capital ratio for Radian Guaranty of 20 to 1 or
below for the foreseeable future, while also preserving a strong
level of holding company liquidity.”
Ibrahim added, “Today, our immediate priority is to write as
much new, high-quality business as possible, as the FHA pulls back
and as the housing market recovers, which is expected to fuel our
growth and position Radian for a return to operating profitability.
We believe Radian is in a strong position to continue promoting and
preserving low downpayment lending while continuing to build
stockholder value.”
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. Additional
information may be found at www.radian.biz.
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
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.
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 statement. 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. We operate
in a changing environment. New risks emerge from time to time and
it is not possible for us to predict all risks that may affect us.
The forward-looking statements, as well as our prospects as a
whole, are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in the
forward-looking statements including:
- changes in general economic and
political conditions, including high unemployment rates and
weakness in the U.S. housing and mortgage credit markets, a
significant downturn in the U.S. or global economies, a lack of
meaningful liquidity in the capital 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, legislative activity or inactivity or actual or
threatened downgrades of U.S. credit ratings;
- changes in the way customers,
investors, regulators or legislators perceive the strength of
private mortgage insurers or financial guaranty providers, in
particular in light of developments in the private mortgage
insurance and financial guaranty industries in which certain of our
former competitors have ceased writing new insurance business and
have been placed under supervision or receivership by insurance
regulators;
- our ability to maintain sufficient
holding company liquidity to meet our short- and long-term
liquidity needs;
- our ability to maintain an adequate
risk-to-capital position, minimum policyholder position and other
surplus requirements for Radian Guaranty Inc. (“Radian Guaranty”),
our principal mortgage insurance subsidiary;
- a decrease in the persistency rates of
our mortgage insurance policies, which has the effect of reducing
our premium income on our monthly premium policies and could
decrease the profitability of our mortgage insurance business;
- heightened competition for our mortgage
insurance business from others such as the FHA, the U.S. Department
of Veterans Affairs and other private mortgage insurers, including
in particular, those that have been assigned higher ratings than we
have, that may have access to greater amounts of capital than we
do, or that are new entrants to the industry and are therefore not
burdened by legacy obligations;
- changes to the current system of
housing finance, including the possibility of a new system in which
private mortgage insurers are not required or their products are
significantly limited in effect or scope;
- volatility in our earnings caused by
changes in the fair value of our assets and liabilities carried at
fair value, including our derivative instruments, and the impact of
variable accounting for certain of our performance-based long-term
compensation awards;
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, 2012, and
those risks detailed in subsequent reports and registration
statements filed from time to time with the U.S. Securities and
Exchange Commission. We caution you not to place undue reliance on
these forward-looking statements, which are current only as of the
date on which we filed this report. We do not intend to, and we
disclaim any duty or obligation to, update or revise any
forward-looking statements made in this report to reflect new
information or future events or for any other reason.
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