Radian Announces Sale of Clayton Services LLC to Covius Holdings and Sets Fourth Quarter Conference Call for February 6, 2020
22 Janvier 2020 - 12:30PM
Business Wire
Radian Group Inc. (NYSE: RDN), announced today the sale of
Clayton Services LLC to Covius Holdings, a leading provider of
technology-enabled solutions to the financial services industry.
Clayton Services, acquired by Radian as part of Clayton Holdings,
provides loan acquisition, RMBS securitization and distressed asset
reviews and servicer and loan surveillance services. The sale is
consistent with Radian’s strategic focus on its core mortgage and
real estate businesses and reflects the repositioning of its
Services segment initiated in 2017. Terms of the transaction were
not disclosed. The company does not expect the sale of Clayton
Services to have a material net impact on Radian’s future financial
results but does anticipate that for the fourth quarter of 2019 it
will record a pre-tax, non-cash impairment of goodwill and other
acquired intangible assets of approximately $18.5 million related
to this transaction without reference to other factors affecting
its fourth quarter results.
“The driving force behind all that we do at Radian is our focus
on our core mortgage and real estate capabilities and our
commitment to serving the strategic needs of our clients,” said
Chief Executive Officer Rick Thornberry. “We continually evaluate
and refine the strategic solutions that we offer across the
mortgage and real estate value chain, and part of that evaluation
means making adjustments when necessary. We will continue to focus
on building our core mortgage and real estate products and services
through a data-driven, digital transformation that has come to
define our One Radian strategy.”
In addition to its core Mortgage Insurance and Risk Services
businesses, Radian will maintain all of the services and products
offered through Green River Capital, a leading provider of REO
asset management and single-family rental services; Red Bell Real
Estate, a company using data and analytics combined with innovative
technology to deliver real estate brokerage services and a broad
array of leading-edge residential real estate valuation products;
Five Bridges Advisors, a developer of proprietary software, data
analytics and predictive models leveraging artificial intelligence,
machine learning and traditional econometric techniques; Radian
Title Insurance, an innovative next generation national title
underwriter, and Radian Settlement Services, a national centralized
title agency and settlement services provider. These companies
remain important contributors to Radian’s growing Real Estate
Services business.
Approximately 550 employees supporting Clayton Services will
join the Covius team. Thornberry added, “We are very proud of our
Clayton Services team for their hard work and dedication on behalf
of Radian and wish them continued success as part of the Covius
organization.”
Fourth Quarter and Year-end 2019 Conference Call
Radian will hold a conference call on Thursday, February 6,
2020, at 10:00 a.m. Eastern time to discuss the company’s fourth
quarter and year-end 2019 results, which will be announced after
the market closes on Wednesday, February 5, 2020.
The conference call will be broadcast live over the Internet at
http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The
call may also be accessed by dialing 877.692.8955 inside the U.S.,
or 234.720.6979 for international callers, using passcode 147628 or
by referencing Radian.
A replay of the webcast will be available on the Radian website
approximately two hours after the live broadcast ends for a period
of one year. A replay of the conference call will be available
approximately two and a half hours after the call ends for a period
of two weeks, using the following dial-in numbers and passcode:
866.207.1041 inside the U.S., or 402.970.0847 for international
callers, passcode 6489036.
In addition to the information provided in the company's
earnings news release, other statistical and financial information,
which is expected to be referred to during the conference call,
will be available on Radian's website under Investors >Quarterly
Results, or by clicking on
http://www.radian.biz/page?name=QuarterlyResults.
About Radian
Radian is ensuring the American dream of homeownership
responsibly and sustainably through products and services that
include industry-leading mortgage insurance and a comprehensive
suite of mortgage, real estate and title services. We are informed
by data and analytics, powered by technology, and driven to deliver
new and better ways of doing business across the mortgage and real
estate value chain. Learn more about Radian’s financial strength
and flexibility at www.radian.biz and visit www.radian.com to see
how Radian is shaping the future of mortgage and real estate
services.
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.
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 our Annual Report on Form
10-K for the year ended December 31, 2018, and subsequent reports
filed from time to time with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200122005083/en/
Emily Riley – Phone: 215.231.1035 Email:
emily.riley@radian.com
Rashi Iyer – Phone: 215.231.1167 Email:
rashi.iyer@radian.com
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