Radian Group

Radian Announces Redemption Price for 6.625% Senior Notes due 2025

Retrieved on: 
Friday, March 15, 2024
Residential Building & Real Estate, Construction & Property, Professional Services, Insurance, RDN, Radian Group, National Association, Debt-to-GDP ratio, CUSIP

Radian Group Inc. (NYSE: RDN) announced today that the redemption price of the Radian Group Inc. 6.625% Senior Notes due 2025 (CUSIP Number 750236AX9) (the “Notes”) will be 100.396 percent of the principal amount of Notes outstanding plus accrued and unpaid interest up to, but excluding, the redemption date.

Key Points: 
  • Radian Group Inc. (NYSE: RDN) announced today that the redemption price of the Radian Group Inc. 6.625% Senior Notes due 2025 (CUSIP Number 750236AX9) (the “Notes”) will be 100.396 percent of the principal amount of Notes outstanding plus accrued and unpaid interest up to, but excluding, the redemption date.
  • The principal amount of the Notes outstanding is $525,000,000, the aggregate redemption amount due is $527,079,000, and the accrued and unpaid interest is $386,458.33.
  • The Notes will be redeemed in full, and on and after March 19, 2024, interest on the Notes will cease to accrue, and all rights of the holders of the Notes, except the right to receive the redemption price, will cease.
  • Payment will be made to holders of the Notes on March 19, 2024, only upon presentation and surrender of the Notes to U.S. Bank Trust Company, National Association for cancellation.

Radian Announces Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, November 1, 2023
Professional Services, Insurance, Finance, Sale, Policy, PIN, Tax, GSE, Telephone, NIW, News, Advanced persistent threat, GAAP, Acquisition, Radian Group, Growth, Webcast, ILN, Investment, Stock dilution, Guarantee, Reinsurance, Life insurance, Credit, Cryptocurrency, Bank, Video game, Rare-earth element, Holding company, Radian

Purchase NIW decreased 18% in the third quarter of 2023 compared to the second quarter of 2023 and decreased 21% compared to the third quarter of 2022.

Key Points: 
  • Purchase NIW decreased 18% in the third quarter of 2023 compared to the second quarter of 2023 and decreased 21% compared to the third quarter of 2022.
  • Refinances accounted for 1% of total NIW in the third quarter of 2023, compared to 1% in the second quarter of 2023, and 2% in the third quarter of 2022.
  • In the third quarter of 2023, Radian Guaranty paid an ordinary dividend to Radian Group of $100 million, bringing the total ordinary dividends paid from Radian Guaranty to Radian Group during the year to $300 million.
  • Radian will discuss third quarter 2023 financial results in a conference call tomorrow, Thursday, November 2, 2023, at 12:00 p.m. Eastern time.

Radian Announces Closing of $353 Million Mortgage Insurance-Linked Notes Transaction

Retrieved on: 
Thursday, October 5, 2023
Commercial Building & Real Estate, Construction & Property, Insurance, Finance, Asset Management, Banking, Professional Services, Residential Building & Real Estate, NYSE, DBRS, Note, Bermuda, Lacos Land Co v. Arden Group Inc, Radian Group, RDN, ILN, BBB

Radian Group Inc. (NYSE: RDN) today announced that its wholly owned subsidiary, Radian Guaranty Inc. has obtained $353 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd. (Eagle Re).

Key Points: 
  • Radian Group Inc. (NYSE: RDN) today announced that its wholly owned subsidiary, Radian Guaranty Inc. has obtained $353 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd. (Eagle Re).
  • The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty from April 1 to December 31, 2022.
  • Eagle Re is a newly formed Bermuda special purpose insurer and is not a subsidiary or affiliate of Radian Guaranty.
  • The ILNs issued by Eagle Re consist of the following four classes:
    After closing, investors have the option to exchange their M-1B Notes for proportionate interests in Class M-1B-1 Notes, Class M-1B-2 Notes and Class M-1B-3 Notes (Exchangeable Notes), and the Exchangeable Notes may be exchanged for Class M-1B Notes with the same proportionate interest.

Radian Announces Second Quarter 2023 Financial Results

Retrieved on: 
Wednesday, August 2, 2023
Construction & Property, Residential Building & Real Estate, Acceleration, Insurance, ASC, QSR, Radian Group, NIW, Telephone, Policy, Stock dilution, Tax, GAAP, Persistent data structure, Sale, PIN, Acquisition, Investment, Risk, Webcast, Growth, GSE, News, Guarantee, Prussian G 7.3, Reinsurance, Bank, Life insurance, Credit, Cryptocurrency, Video game, Real estate, Rare-earth element, Holding company, Radian

Purchase NIW increased 52% in the second quarter of 2023 compared to the first quarter of 2023 and decreased 9% compared to the second quarter of 2022.

Key Points: 
  • Purchase NIW increased 52% in the second quarter of 2023 compared to the first quarter of 2023 and decreased 9% compared to the second quarter of 2022.
  • Refinances accounted for 1% of total NIW in the second quarter of 2023, compared to 2% in the first quarter of 2023, and 3% in the second quarter of 2022.
  • The loss ratio in the second quarter of 2023 was (10.3)% compared to (7.3)% in the first quarter of 2023, and (46.2)% in the second quarter of 2022.
  • Radian will discuss second quarter 2023 financial results in a conference call tomorrow, Thursday, August 3, 2023, at 12:00 p.m. Eastern time.

Radian Announces Increase to Quarterly Dividend

Retrieved on: 
Wednesday, February 15, 2023
Professional Services, Residential Building & Real Estate, Asset Management, Construction & Property, Insurance, Share repurchase, Pennsylvania Insurance Department, NYSE, RDN, Lacos Land Co v. Arden Group Inc, Holding company, Radian, Radian Group

Radian Group Inc. (NYSE: RDN) announced today its plans to continue the return of capital to stockholders through an increased quarterly dividend.

Key Points: 
  • Radian Group Inc. (NYSE: RDN) announced today its plans to continue the return of capital to stockholders through an increased quarterly dividend.
  • The company’s Board of Directors approved a quarterly dividend of $0.225 per share, an increase of 12.5 percent from the previous quarterly dividend.
  • The dividend is payable on March 15, 2023 to stockholders of record as of February 27, 2023.
  • This is the fourth consecutive year the company has increased the quarterly dividend, with a total increase of 80 percent over the past three years.

Radian Completes a Series of Capital Actions to Enhance Financial Flexibility, Approves New $300 Million Share Repurchase Authorization and Sets Webcast of Fourth Quarter 2022 Financial Results for February 9, 2023

Retrieved on: 
Wednesday, January 18, 2023
Professional Services, Other Professional Services, Residential Building & Real Estate, Insurance, Construction & Property, Asset Management, News, Pennsylvania Insurance Department, Guarantee, PIN, Telephone, Webcast, Consolidated, Share repurchase, Bank, Holding company, Radian Group, Radian

Based on Radian Guaranty’s unassigned funds balance and current financial projections, which are subject to certain risks and uncertainties, the company expects Radian Guaranty to pay total ordinary dividends to Radian Group during 2023 of approximately $300 to $400 million.

Key Points: 
  • Based on Radian Guaranty’s unassigned funds balance and current financial projections, which are subject to certain risks and uncertainties, the company expects Radian Guaranty to pay total ordinary dividends to Radian Group during 2023 of approximately $300 to $400 million.
  • Beginning in 2024, the company expects Radian Guaranty’s ordinary dividend capacity to be primarily driven by the entity’s ongoing statutory earnings, consistent with the limitations under Pennsylvania insurance laws.
  • The Board of Directors has approved a new share repurchase program that enables the company to repurchase its common stock.
  • The company’s previous $400 million share repurchase program was fully utilized in October 2022.

Michael Baker International Names Chris Statham Executive Vice President and Chief Financial Officer

Retrieved on: 
Thursday, January 5, 2023
Radian Group, Business administration, Accounting, Executive Committee, Construction, Michael Baker, M&A, SVKM's NMIMS, Architecture, Certified Public Accountant, CFO, GreenSky, Lehigh University, Risk, Pond, Growth, Northwestern University, Science and technology in Asia, Commerce, Economics, Business, PricewaterhouseCoopers, Kellogg School, Invesco, Master of Business Administration, Analysis, Engineering, Management

PITTSBURGH, Jan. 5, 2023 /PRNewswire/ -- Michael Baker International, a global leader in engineering, planning and consulting services, today announced that Chris Statham has joined the firm as Executive Vice President and Chief Financial Officer (CFO). As CFO, Mr. Statham will join Michael Baker's Executive Committee and serve as a collaborative business partner across the organization and strategic leader overseeing the firm's financial operations.

Key Points: 
  • PITTSBURGH, Jan. 5, 2023 /PRNewswire/ -- Michael Baker International , a global leader in engineering, planning and consulting services, today announced that Chris Statham has joined the firm as Executive Vice President and Chief Financial Officer (CFO).
  • As CFO, Mr. Statham will join Michael Baker's Executive Committee and serve as a collaborative business partner across the organization and strategic leader overseeing the firm's financial operations.
  • "Chris is a well-rounded finance executive with more than 25 years of experience working with the largest and most complex public financial institutions and many private equity firms across the country," said Brian A. Lutes, Chief Executive Officer at Michael Baker International.
  • "As we continue to Reimagine Michael Baker, I look forward to Chris' leadership of our Finance organization as we accelerate growth across our firm."

Radian Announces Plans to Return Additional Capital to Stockholders

Retrieved on: 
Wednesday, February 9, 2022
Insurance, Professional Services, Pennsylvania Insurance Department, Securities Act of 1933, Private Securities Litigation Reform Act, Time, Face, Board, Annual report, Share repurchase, Risk, Internet, Technology, U.S. Securities and Exchange Commission, NYSE, Securities Exchange Act of 1934, Environment, StoneX Group Inc., Insurance, RDN, Holding company, Risk management, Radian, Radian Group

Radian Group Inc. (NYSE: RDN) announced today its plans to return capital to stockholders through an increased quarterly dividend and a new share repurchase authorization.

Key Points: 
  • Radian Group Inc. (NYSE: RDN) announced today its plans to return capital to stockholders through an increased quarterly dividend and a new share repurchase authorization.
  • These strategic capital actions are based on the companys strong financial position and capital flexibility.
  • The dividend is payable on March 3, 2022, to stockholders of record as of February 21, 2022.
  • On February 8, the Pennsylvania Insurance Department approved a $500 million return of capital from Radian Guaranty to Radian Group, which the company expects to be paid from Radian Guarantys gross paid in and contributed statutory surplus on or before February 11, 2022.

Radian Announces Closing of $484 Million Mortgage Insurance-Linked Notes Transaction

Retrieved on: 
Tuesday, November 9, 2021
Residential Building & Real Estate, Construction & Property, Professional Services, Insurance, BBB, ILN, Radian Group, DBRS, Technology, RDN, Lacos Land Co v. Arden Group Inc, Note, NYSE, Bermuda, Risk, Insurance, Security (finance)

The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty predominantly from January 1, 2021 through and including July 31, 2021.

Key Points: 
  • The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty predominantly from January 1, 2021 through and including July 31, 2021.
  • Eagle Re is a newly formed Bermuda special purpose insurer and is not a subsidiary or affiliate of Radian Guaranty.
  • The ILNs issued by Eagle Re consist of the following five classes:
    After closing, investors have the option to exchange their M-1C Notes for proportionate interests in Class M-1C-1 Notes, Class M-1C-2 Notes and Class M-1C-3 Notes (Exchangeable Notes), and the Exchangeable Notes may be exchanged for Class M-1C Notes with the same proportionate interest.
  • Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.

Radian Announces Pricing of $484 Million Mortgage Insurance-Linked Notes Transaction

Retrieved on: 
Monday, November 1, 2021
Finance, Banking, Professional Services, Commercial Building & Real Estate, Construction & Property, GSE, Securities Act of 1933, Technology, RDN, Radian Group, Securities Exchange Act of 1934, Insurance, Private Securities Litigation Reform Act, NYSE, Bermuda, U.S. Securities and Exchange Commission, Face, Risk, ILN, Time, Annual report, StoneX Group Inc., Environment, Sale, Security (finance)

Radian Group Inc. (NYSE: RDN) today announced the pricing of $484 million aggregate principal amount of 12.5-year mortgage insurance-linked notes (ILNs) issued by Eagle Re 2021-2 Ltd. (Eagle Re), a newly-formed Bermuda special purpose insurer that is not a subsidiary or affiliate of Radian Guaranty Inc.

Key Points: 
  • Radian Group Inc. (NYSE: RDN) today announced the pricing of $484 million aggregate principal amount of 12.5-year mortgage insurance-linked notes (ILNs) issued by Eagle Re 2021-2 Ltd. (Eagle Re), a newly-formed Bermuda special purpose insurer that is not a subsidiary or affiliate of Radian Guaranty Inc.
  • The notes were offered for sale to eligible third-party capital markets investors in an unregistered private offering.
  • In connection with the transaction, Radian Groups wholly owned subsidiary, Radian Guaranty, will receive $484 million of fully collateralized excess of loss reinsurance protection from Eagle Re at closing, covering an existing portfolio of mortgage insurance policies written predominantly from January 1, 2021 through and including July 31, 2021.
  • Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.