Radian Provides Update on Restructuring of Services Business
22 Novembre 2017 - 12:30PM
Business Wire
– Company sells Clayton EuroRisk and exits
Services operations in Europe –
Radian Group Inc. (NYSE: RDN) today announced that it has
completed the sale of Clayton EuroRisk, a provider of outsourced
mortgage services in Europe, to a global investment firm. As a
result, Radian no longer offers products and services for its
Mortgage and Real Estate Services business in Europe. The sale of
Clayton EuroRisk is consistent with Radian’s strategy to reposition
its Services segment for sustained profitability, by focusing on
offering the products and services that are core to the Services
business.
“We are pleased with this transaction, and look forward to a
seamless transition for our customers, partners and EuroRisk
employees,” said Radian Chief Executive Officer Rick Thornberry.
“At Radian, we continue to sharpen our focus and make progress
against our goal of transforming our company into one that is even
more cohesive and profitable.”
Clayton EuroRisk’s products include due diligence services,
quality control reviews, valuation reviews and consulting services.
Clayton EuroRisk provides services to mortgage originators and
servicers, as well as to investors in performing and non-performing
mortgage loans. Revenue for the business is generated in foreign
countries throughout Europe.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance, risk management products and
real estate services to financial institutions. Radian offers
products and services through two business segments:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance helps protect lenders from
default-related losses, facilitates the sale of low-downpayment
mortgages in the secondary market and enables homebuyers to
purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate
Services, through its principal services subsidiary Clayton, as
well as Green River Capital, Red Bell Real Estate and ValuAmerica.
These solutions include information and services that financial
institutions, investors and government entities use to evaluate,
acquire, securitize, service and monitor loans and asset-backed
securities.
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
Exchange Act and the 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,” “seek,” “strategy,” “future,” “likely” 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 update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. We operate in a
changing environment where 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. These risks and uncertainties include,
without limitation: the Company’s ability to successfully implement
the restructuring plan as currently anticipated; restructuring
charges being different from those estimated, including changes in
the size and components of the expected costs and charges
associated with the restructuring as well as unanticipated charges
not currently contemplated that may occur as a result of the
restructuring; changes in the planned timing of the restructuring,
including the timing of plans for implementing the reductions in
workforce; and disruption in our business associated with the
restructuring plan and related activities.
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version on businesswire.com: http://www.businesswire.com/news/home/20171122005102/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
Radian (NYSE:RDN)
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