RDN Radian Group Inc

Radian Chairman and CEO Frank Filipps to Retire in 2005 PHILADELPHIA, Nov. 22 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE:RDN) today announced that Frank P. Filipps will retire as chairman and chief executive officer, effective June 30, 2005. "After serving as Radian's CEO for 10 years and achieving our goal of becoming a diversified credit enhancement company, I will retire next June," Filipps explained. "Radian has grown tremendously in the last decade: from fewer than 300 employees to more than 1,400 worldwide, with an increase in equity from less than $300 million to more than $3 billion and growth of net income from $28 million in 1995 to $363 million for the first nine months of 2004. "We had a vision of creating a diversified credit enhancement company with multiple sources of revenue and earnings. We have achieved those goals by creating a strong, diversified business platform. I am confident that Radian is well positioned for the future and am committed to ensuring a smooth and seamless transition," Filipps added. Herbert Wender, Radian's lead director, explained that the board established a special committee to lead the search for a successor in September, when Filipps began discussing his retirement with the board. The board and Filipps have finalized the transition plan they have been working on for three months, and the committee of independent directors, chaired by James W. Jennings, has retained Spencer Stuart & Associates for the search. "Frank has led Radian through its growth from a mortgage insurer to a credit enhancement company, and the board appreciates his many contributions," Wender said. "We will consider executives from inside and outside of the company, and with the benefit of Frank's input, the board expects to name a new CEO in the coming months. The company's experienced management team will continue to oversee the execution of Radian's current plans and strategy for diversifying its business platform and expanding its risk-management expertise." Chief Financial Officer C. Robert Quint noted that Radian's business model, disciplined underwriting approach and stringent return-on-equity criteria have served the company well, and will remain the keys to the company's profitable-growth strategy. "Radian has leveraged the complementary strengths of our business lines, enabling us to become a full-service credit enhancement provider," Quint said. "Our diversified business platform continues to produce a strong revenue and earnings stream, as well as book value growth." Radian Group Inc. is a leading credit enhancement provider to the global financial and capital markets, headquartered in Philadelphia. Radian's subsidiaries provide products and services through three business lines: financial guaranty, mortgage insurance and other financial services. Additional information may be found at http://www.radiangroupinc.com/. All statements in this press release that address operating performance, events or developments 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 U.S. Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's current views and assumptions with respect to future events. The forward-looking statements are subject to risks and uncertainties including the following: changes in general financial and political conditions, such as extended national or regional economic recessions (or expansions), changes in housing values, changes or volatility in interest rates, or other political instability; changes in investor perception of the strength of private mortgage insurers or financial guaranty providers, and risks faced by the businesses, municipalities or pools of assets covered by Radian's insurance; the loss of significant customers with whom Radian has a concentration of its insurance in force; rising delinquencies in mortgage loans insured by Radian resulting from increased consolidation of mortgage lenders and servicers; increased severity or frequency of losses associated with certain Radian products that are riskier than traditional mortgage insurance and municipal guaranty insurance policies; material changes in persistency rates of Radian's mortgage insurance policies; downgrades of the insurance financial-strength ratings assigned by the major ratings agencies to Radian's operating subsidiaries; intense competition from others and from alternative products to private mortgage insurance and financial guaranty insurance; changes in the business practices of Fannie Mae and Freddie Mac; legislative and regulatory changes affecting demand for private mortgage insurance and financial guaranty insurance; changes in claims against mortgage insurance products resulting from the aging of Radian's mortgage insurance policies; changes in Radian's ability to maintain sufficient reinsurance capacity in an increasingly concentrated reinsurance market; vulnerability to the performance of Radian's strategic investments; and the loss of executive officers or other key personnel. Investors are also directed to other risks discussed in documents filed by Radian with the SEC, including the factors detailed in our annual report on Form 10-K for the year ended December 31, 2003 in the section immediately preceding Part I of the report. Radian does not intend to and disclaims any duty or obligation to update or revise any forward-looking statements made in this press release to reflect new information, future events or for any other reason. 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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