<SEC-DOCUMENT>0001157523-16-004230.txt : 20160119
<SEC-HEADER>0001157523-16-004230.hdr.sgml : 20160118
<ACCEPTANCE-DATETIME>20160119080208
ACCESSION NUMBER:		0001157523-16-004230
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160115
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160119
DATE AS OF CHANGE:		20160119

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:		161346996

	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>a51260642.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      DC 20549</b></font><br>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


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


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Date
      of report (Date of earliest event reported) </b></font><b><u><font style="font-family: Times New Roman; font-size: 10pt">January
      15, 2016</font></u></b><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


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


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

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman" cellspacing="0">
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        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 34%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1-11356</b></font>
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 33%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>23-2691170</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(State or Other Jurisdiction<br>of Incorporation)</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Commission<br>File Number)</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(IRS Employer<br>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 60%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1601
            Market Street, Philadelphia, Pennsylvania</b></font>
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; width: 40%; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>19103</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 60%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of Principal Executive Offices)</b></font>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Zip
            Code)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(215) 231 - 1000</b><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><b>(Registrant&#8217;s
      Telephone Number, Including Area Code)</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>(Former
      Name or Former Address, if Changed Since Last Report)</b></font><br><br>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Times New Roman; font-size: 10pt">:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
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      <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>
      <br>
      <b>Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other
      Events</u>.</b>
    </p>
    <p style="text-indent: 60.0px">
      On January 15, 2016, Radian Group Inc. (the &#8220;Company&#8221;) issued a news
      release announcing that its Board of Directors approved a share
      repurchase program that authorizes the Company to purchase up to $100
      million of its common stock through the end of 2016.
    </p>
    <p style="text-indent: 60.0px">
      A copy of this news release is filed as Exhibit 99.1 to this Current
      Report on Form 8-K and is incorporated herein by reference.&#160;&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <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><br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Radian
      Group Inc. News Release dated January 15, 2016.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <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>

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


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">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>
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        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <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 style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          &#160;
        </td>
      </tr>
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        <td style="padding-left: 0.0px; width: 6%; text-align: left; padding-bottom: 2.0px" valign="top">
          Date:
        </td>
        <td style="padding-left: 0.0px; width: 49%; text-align: left; padding-bottom: 2.0px" valign="top">
          January 19, 2016
        </td>
        <td style="padding-left: 0.0px; width: 4%; text-align: left; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 41%; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Edward J. Hoffman
          </p>
        </td>
      </tr>
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        <td style="width: 6%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 41%; text-align: left" valign="top">
          <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 style="padding-left: 0.0px; width: 41%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and General
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Counsel
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
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          <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 style="padding-left: 0.0px; width: 4%; text-align: left; padding-bottom: 2.0px" valign="bottom">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 84%; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; border-bottom-style: solid" valign="bottom">
          <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 style="padding-left: 0.0px; width: 84%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 12%; text-align: left" valign="top">
          99.1*
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; width: 84%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Radian Group Inc. News Release dated January 15, 2016.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

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

        </td>
        <td style="padding-left: 0.0px; width: 84%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51260642ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Radian
      Announces $100 Million Share Repurchase Authorization; Company to
      Webcast Fourth Quarter Conference Call on January 28, 2016</b></font>
    </p>
    <p>
      PHILADELPHIA--(BUSINESS WIRE)--January 15, 2016--Radian Group Inc.
      (NYSE:RDN) announced today that its Board of Directors has authorized a
      share repurchase program that enables the company to spend up to $100
      million to repurchase its common stock. The shares may be purchased in
      the open market or in privately negotiated transactions.
    </p>
    <p>
      &#8220;The Board of Directors and management team strongly believe that
      Radian&#8217;s financial strength and flexibility, business fundamentals,
      growth prospects and long-term strategy are not reflected by the
      company&#8217;s current stock price,&#8221; said Radian&#8217;s Chief Executive Officer
      S.A. Ibrahim. &#8220;The share repurchase program demonstrates our confidence
      in the strength of our businesses and our commitment to optimizing
      stockholder returns.&#8221;
    </p>
    <p>
      Ibrahim added, &#8220;The long-term outlook for our company and businesses
      remains strong, as we continue to grow our mortgage insurance in force
      with high-quality business, and further expand the scope of services we
      offer through our fee-based businesses. We are pleased that Radian&#8217;s
      strong balance sheet and financial flexibility, including the recent use
      of a surplus note to satisfy the PMIERs, has positioned us to return
      value more quickly to stockholders, while at the same time continuing to
      support our customers, invest in our franchise and drive long-term
      growth.&#8221;
    </p>
    <p>
      The authorization provides Radian the flexibility to repurchase shares
      opportunistically from time to time, based on market and business
      conditions, stock price and other factors. The authorization is
      effective immediately and expires on December 31, 2016. Radian may
      utilize a Rule 10b5-1 plan, which would permit the company to purchase
      shares, at pre-determined price targets, when it may otherwise be
      precluded from doing so.
    </p>
    <p>
      Shares of Radian Group are currently trading below the company&#8217;s
      September 30, 2015 book value per share of $11.77. Based on the closing
      price on January 14, 2016, the $100 million share repurchase program
      represents approximately 8.7 million shares of Radian's common stock, or
      4.2 percent of shares outstanding as of September 30, 2015.
    </p>
    <p>
      <b>HIGHLIGHTS OF RECENT CAPITAL ACTIONS</b>
    </p>
    <p>
      As previously announced, Radian completed a series of actions in 2015 to
      strengthen its capital position, including reducing its overall cost of
      capital, improving the maturity profile of its debt, and complying with
      the Private Mortgage Insurer Eligibility Requirements (PMIERs):
    </p>
    <p>
      <i>Creating Capital Certainty</i>
    </p>
    <p>
      In order to comply with PMIERs and maximize the company&#8217;s financial
      flexibility, Radian took the following actions:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        In December, Radian Group transferred $325 million of cash and
        marketable securities to Radian Guaranty in exchange for a surplus
        note and contributed $50 million to an exclusive affiliated reinsurer
        of Radian Guaranty. Radian Guaranty is not expected to require any
        additional capital contributions in order to remain compliant. Based
        on positive trends reflected in its capital projections, Radian
        Guaranty expects to seek to redeem a portion and possibly all of the
        note in 2016. This transaction provides greater certainty regarding
        the timing and conditions of capital return to Radian Group, which
        further supports both the share repurchase program and other capital
        restructuring possibilities.
      </li>
      <li style="margin-bottom: 10.0px">
        In April, Radian Guaranty successfully completed the sale of Radian
        Asset Assurance Inc., Radian&#8217;s financial guaranty insurance
        subsidiary, to Assured Guaranty Corp., a subsidiary of Assured
        Guaranty Ltd. for approximately $810 million.
      </li>
    </ul>
    <p>
      <i>Simplifying Capital Structure</i>
    </p>
    <p>
      In order to simplify the company&#8217;s capital structure, reduce its overall
      cost of capital and improve the maturity profile of its debt, Radian
      entered into a series of transactions in June 2015:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Issued $350 million aggregate principal amount of Senior Notes due
        2020 and received net proceeds of $344 million
      </li>
      <li style="margin-bottom: 10.0px">
        Purchased $389 million principal amount of its Convertible Senior
        Notes due 2017, for 28.4 million in common shares and $127 million in
        cash
      </li>
      <li style="margin-bottom: 10.0px">
        Terminated a portion of the company&#8217;s capped call for consideration to
        the company of 2.3 million in common shares and $12 million in cash
      </li>
      <li style="margin-bottom: 10.0px">
        Completed an Accelerated Share Repurchase program (ASR) under which a
        total of 11.0 million shares were repurchased in the second and third
        quarters of 2015 using $202 million from the proceeds of the Senior
        Notes due 2020.
      </li>
    </ul>
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    </div>
    <p>
      <b>FOURTH QUARTER CONFERENCE CALL</b>
    </p>
    <p>
      Radian today announced that it will hold a conference call on Thursday,
      January 28, 2016, at 10:00 a.m. Eastern time to discuss the company&#8217;s
      fourth quarter and year-end 2015 results, which will be announced prior
      to the market open on the same day.
    </p>
    <p>
      The conference call will be broadcast live over the Internet at <u>http://www.radian.biz/page?name=Webcasts</u>
      or at <u>www.radian.biz</u>. The call may also be accessed by dialing
      800.288.8961 inside the U.S., or 612.332.0226 for international callers,
      using passcode 383877 or by referencing Radian.
    </p>
    <p>
      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:
      800.475.6701 inside the U.S., or 320.365.3844 for international callers,
      passcode 383877.
    </p>
    <p>
      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 &gt;Quarterly Results, or by clicking on <u>http://www.radian.biz/page?name=QuarterlyResults</u>.
    </p>
    <p>
      <b>ABOUT RADIAN</b>
    </p>
    <p>
      Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides
      private mortgage insurance, risk management products and real estate
      services to financial institutions. Radian offers products and services
      through two business segments:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Mortgage Insurance</b>, through its principal mortgage insurance
        subsidiary Radian Guaranty Inc. This private mortgage insurance
        protects lenders from default-related losses, facilitates the sale of
        low-downpayment mortgages in the secondary market and enables
        homebuyers to purchase homes more quickly with downpayments less than
        20%.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Mortgage and Real Estate Services</b>, through its principal
        services subsidiary Clayton, as well as Green River Capital, Red Bell
        Real Estate and ValuAmerica. These solutions include information and
        services that financial institutions, investors and government
        entities use to evaluate, acquire, securitize, service and monitor
        loans and asset-backed securities.
      </li>
    </ul>
    <p>
      Additional information may be found at <u>www.radian.biz</u>.
    </p>
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      </div>
    </div>
    <p>
      <b>FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      All statements in this press release that address events, developments
      or results that we expect or anticipate may occur in the future are
      &quot;forward-looking statements&quot; 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
      &quot;anticipate,&quot; &quot;may,&quot; &quot;will,&quot; &quot;could,&quot; &quot;should,&quot; &quot;would,&quot; &quot;expect,&quot;
      &quot;intend,&quot; &quot;plan,&quot; &quot;goal,&quot; &quot;contemplate,&quot; &quot;believe,&quot; &quot;estimate,&quot;
      &quot;predict,&quot; &quot;project,&quot; &quot;potential,&quot; &quot;continue,&quot; &quot;seek,&quot; &quot;strategy,&quot;
      &quot;future,&quot; &quot;likely&quot; 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. New risks emerge from
      time to time and it is not possible for us to predict all risks that may
      affect us. 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
      statements. These risks and uncertainties include, without limitation:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        changes in general economic and market conditions;
      </li>
      <li style="margin-bottom: 10.0px">
        factors that may affect the Company's ability and willingness to
        repurchase shares under the proposed repurchase program and the
        possibility that the program may be suspended or terminated;
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to successfully execute and implement our business plans
        and strategies; and
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to maintain sufficient holding company liquidity to meet
        our short-term and long-term liquidity needs, including actions and
        activities related to our capital plans.
      </li>
    </ul>
    <p>
      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 our 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 U.S. Securities
      and Exchange Commission. We caution you not to place undue reliance on
      these forward-looking statements, which are current only as of the date
      on which we issued this presentation. We do not intend to, and we
      disclaim any duty or obligation to, update or revise any forward-looking
      statements to reflect new information or future events or for any other
      reason.
    </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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