Radian Financial Guaranty Companies Merge to Create Stronger, More Diversified Provider
01 Juin 2004 - 7:07PM
PR Newswire (US)
Radian Financial Guaranty Companies Merge to Create Stronger, More
Diversified Provider PHILADELPHIA, June 1 /PRNewswire-FirstCall/ --
Radian Group Inc. (NYSE:RDN) today announced the merger of its
financial guaranty subsidiaries, Radian Asset Assurance Inc. and
Radian Reinsurance Inc. The merged company, which will continue to
use the Radian Asset Assurance name, has more than $1.0 billion in
statutory capital and more than $2.5 billion in claims-paying
resources, supporting an insured portfolio in excess of $60
billion. "This merger is a natural progression for our business,"
stated Radian Asset Assurance President Tino Kamarck. "We have
always operated as an integrated unit, with a shared strategic
vision, management team and expense platform. As a single company,
we can serve the market as a stronger counter party with a larger,
more flexible capital base and twice the claims-paying resources."
The new company is rated Aa3 by Moody's Investors Service and AA by
both Standard & Poor's and Fitch Ratings. Radian Group Inc. is
a leading credit enhancement provider to the global financial and
capital markets. With offices in New York City and London, Radian
Asset Assurance Inc. is a direct writer of municipal bond insurance
and insurance of asset-backed securities and structured
transactions as well as a leading provider of treaty and
facultative reinsurance for primary insurers of both municipal
bonds and asset-backed obligations. Additional information may be
found at http://www.radiangroupinc.com/. DATASOURCE: Radian Group
Inc. CONTACT: For investors: Mona Zeehandelaar, +1-215-231-1674, ;
or For the media: Emily Riley, +1-215-231-1328, , both of Radian
Group Web site: http://www.radiangroupinc.com/
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