<SEC-DOCUMENT>0001157523-15-001103.txt : 20150407
<SEC-HEADER>0001157523-15-001103.hdr.sgml : 20150407
<ACCEPTANCE-DATETIME>20150407084409
ACCESSION NUMBER:		0001157523-15-001103
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150401
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150407
DATE AS OF CHANGE:		20150407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				232691170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11356
		FILM NUMBER:		15754945

	BUSINESS ADDRESS:	
		STREET 1:		1601 MARKET STREET
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1601 MARKET ST
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51073433.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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          &#160;
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      DC 20549</b></font><br>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>The
      Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of report: April 7, 2015 (Date of earliest event reported: April 1,
      2015) </b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-size: 17pt"><b>Radian Group Inc.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font><br>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; width: 34%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>1-11356</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; width: 33%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>23-2691170</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="width: 34%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission<br>File Number)
          </p>
        </td>
        <td valign="bottom" style="width: 33%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 60%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>1601
            Market Street, Philadelphia, Pennsylvania</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; width: 40%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>19103</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 60%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td valign="bottom" style="width: 40%; text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(215) 231 - 1000</b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      Telephone Number, Including Area Code)</font><br><br>Not&#160;Applicable<br><font style="font-size: 10pt; font-family: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>&#160;(<i>see </i>General Instruction
      A.2. below)<font style="font-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
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          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Completion of Acquisition or Disposition of
      Assets.</b>
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On April 1, 2015, Radian Guaranty Inc. (&#8220;Radian Guaranty&#8221;),
      the mortgage insurance subsidiary of Radian Group Inc. (the &#8220;Company&#8221;),
      completed the previously disclosed sale (the &#8220;Sale&#8221;) of 100% of the
      issued and outstanding shares of Radian Asset Assurance Inc., (&#8220;Radian
      Asset&#8221;) a wholly owned financial guaranty insurance subsidiary of Radian
      Guaranty, to Assured Guaranty Corp., a subsidiary of Assured Guaranty
      Ltd. (&#8220;Assured&#8221;), pursuant to the terms and conditions of that certain
      Stock Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated as of
      December 22, 2014, by and between Radian Guaranty and Assured.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The Purchase Agreement contains customary representations and warranties
      as well as covenants (including customary indemnification covenants) by
      each of the parties. The representations and warranties in the Purchase
      Agreement are the product of negotiation among the parties to the
      Purchase Agreement and are for the sole benefit of such parties. Any
      inaccuracies in such representations and warranties are subject to
      waiver by such parties in accordance with the Purchase Agreement without
      notice or liability to any other person. In some instances, the
      representations and warranties in the Purchase Agreement may represent
      an allocation among the parties of risk associated with particular
      matters, and the assertions embodied in those representations and
      warranties are qualified by information disclosed by one party to the
      other in connection with the execution of the Purchase Agreement.
      Consequently, persons other than the parties to the Purchase Agreement
      may not rely upon the representations and warranties in the Purchase
      Agreement as characterizations of actual facts or circumstances as of
      the date of the Purchase Agreement or as of any other date. Each of
      Radian Guaranty and Assured has agreed to indemnify the other for
      breaches or inaccuracies of its representations, warranties, and
      covenants as well as for certain other specified matters.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The purchase price under the Purchase Agreement was $810 million, and,
      after transaction-related expenses and other purchase price adjustments,
      net proceeds to Radian Guaranty were $789 million which resulted in an
      increase to total investments by the same amount.&#160;&#160;In the Company&#8217;s
      Annual Report on Form 10-K (the &#8220;2014 Form 10-K&#8221;) for the year ended
      December 31, 2014, the assets and liabilities to be disposed of as of
      December 31, 2014 were $1,736 million and $947 million, respectively,
      and were presented as held for sale.&#160;&#160;As a result of the closing of the
      Sale, those assets and liabilities were reduced to zero and total
      investments increased by the net proceeds amount.&#160;&#160;The operating results
      of Radian Asset were included in discontinued operations for all periods
      presented in the Company&#8217;s 2014 Form 10-K.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The above description of the Purchase Agreement and the above
      description of the Sale do not purport to be complete and are qualified
      in their entirety by reference to the full text of the Purchase
      Agreement, which was previously filed as Exhibit 2.1 to the Company&#8217;s
      Current Report on Form 8-K filed on December 23, 2014 and is
      incorporated herein by reference.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; font-size: 8pt; text-align: center">
          2
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other Events.</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On April 1, 2015, the Company issued a press release in connection with
      the completion of the Sale described in Item 2.01 above. A copy of the
      press release is included as Exhibit 99.1 to this report and is
      incorporated herein by reference.
    </p>
    <p>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>
      <b>(d) <i>Exhibits.</i></b>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            2.1
          </p>
        </td>
        <td valign="top" style="width: 94%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Stock Purchase Agreement, dated as of December 22, 2014, by and
            between Radian Guaranty and Assured (incorporated by reference to
            Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed on
            December 23, 2014).
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 94%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 6%; text-align: left; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="width: 94%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by the Company on April 1, 2015.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; font-size: 8pt; text-align: center">
          3
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <hr style="width: 100%; text-align: left; color: #000000; height: 1.0 pt">


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>RADIAN GROUP INC.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; width: 6%; text-align: left; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; width: 49%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 7, 2015
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; width: 4%; text-align: left; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="width: 41%; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 41%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 41%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            General Counsel and Corporate Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-family: Times New Roman; font-size: 8pt; text-align: center">
          4
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; margin-bottom: 10.0px; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 12%; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>No.</b>
          </p>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; width: 4%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="width: 84%; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 84%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 12%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2.1
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 84%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Stock Purchase Agreement, dated as of December 22, 2014, by and
            between Radian Guaranty and Assured (incorporated by reference to
            Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed on
            December 23, 2014).
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 84%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 12%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="width: 84%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by the Company on April 1, 2015.
          </p>
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      5
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51073433ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Radian
      Successfully Completes Sale of Financial Guaranty Subsidiary to Assured
      Guaranty</b></font>
    </p>
    <p>
      PHILADELPHIA--(BUSINESS WIRE)--April 1, 2015--Radian Guaranty Inc., the
      mortgage insurance subsidiary of Radian Group Inc. (NYSE: RDN),
      announced today that it has completed the previously announced sale of
      Radian Asset Assurance Inc., Radian&#8217;s financial guaranty insurance
      subsidiary, to Assured Guaranty Corp., a subsidiary of Assured Guaranty
      Ltd. (NYSE: AGO). After consideration of transaction-related expenses,
      net proceeds were $789 million.
    </p>
    <p>
      Radian Chief Executive Officer S.A. Ibrahim said, &#8220;The sale of our
      financial guaranty subsidiary marks an important milestone for Radian as
      we simplify our focus on our core strengths and position our company for
      future top-line growth. The successful completion of the sale will also
      help to accelerate our ability to comply with the final PMIERs.&#8221;
    </p>
    <p>
      About Radian
    </p>
    <p>
      Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides
      private mortgage insurance and related risk mitigation products and
      services to mortgage lenders nationwide through its principal operating
      subsidiary, Radian Guaranty Inc. These services help promote and
      preserve homeownership opportunities for homebuyers, while protecting
      lenders from default-related losses on residential first mortgages and
      facilitating the sale of low-downpayment mortgages in the secondary
      market. Additional information may be found at <u>www.radian.biz</u>.
    </p>
    <p>
      Forward-Looking Statements
    </p>
    <p>
      Some of the statements in this press release may constitute
      &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the
      Securities Act of 1933, Section 21E of the Securities and Exchange Act
      of 1934 and the United States Private Securities Litigation Reform Act
      of 1995. Words such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;believes,&#8221; &#8220;projects,&#8221;
      &#8220;estimates,&#8221; &#8220;anticipates&#8221; and similar expressions are used to identify
      these forward-looking statements. These forward-looking statements,
      which may include without limitation, estimates and projections
      regarding our future performance and financial condition, are made on
      the basis of management&#8217;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. 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 statement, including: Radian
      Guaranty&#8217;s ability to comply with the financial requirements of the
      final Private Mortgage Insurer Eligibility Requirements (PMIERs) which,
      based on the proposed PMIERs, may require us to contribute a substantial
      portion of our holding company cash and investments to Radian Guaranty,
      and could depend on our ability to, among other things, successfully
      leverage options such as commutations or external reinsurance for a
      portion of our mortgage insurance risk in force in a manner that
      provides capital relief compliant with the PMIERs. Contributing a
      substantial portion of our holding company cash and investments to
      Radian Guaranty would leave Radian Group with less liquidity to satisfy
      its obligations, and we may be required or we may decide to seek
      additional capital by incurring additional debt, by issuing additional
      equity, or by selling assets, which we may not be able to do on
      favorable terms, if at all. The ultimate form of the PMIERs and the
      timeframe for their implementation remain uncertain.
    </p>
    <p>
      The forward-looking statements speak only as of the date they were made,
      and we undertake no obligation to publicly update or revise any
      forward-looking statements, whether as a result of new information,
      future events or otherwise. We operate in a changing environment. 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 Part I of the
      Company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2014 and subsequent reports and registration statements filed from time
      to time with the Securities and Exchange Commission.
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Radian Group Inc.<br>Emily Riley, 215-231-1035<br><u>emily.riley@radian.biz</u>
    </p>
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