<SEC-DOCUMENT>0001157523-18-002447.txt : 20181115
<SEC-HEADER>0001157523-18-002447.hdr.sgml : 20181115
<ACCEPTANCE-DATETIME>20181115170350
ACCESSION NUMBER:		0001157523-18-002447
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181115
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181115
DATE AS OF CHANGE:		20181115

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:		181187893

	BUSINESS ADDRESS:	
		STREET 1:		1500 MARKET STREET
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1500 MARKET ST
		STREET 2:		19TH FLOOR, WEST TOWER
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51900824.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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      <font style="font-size: 14pt"><b>UNITED STATES</b></font><br><font style="font-size: 14pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><b>WASHINGTON, DC 20549</b>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>FORM 8-K</b></font>
    </p>
    <hr style="color: #000000; width: 100%; height: 2.0 pt; text-align: center">


    <p style="text-align: center">
      <font style="font-size: 10pt"><b>CURRENT REPORT</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Pursuant
      to Section&#160;13 or 15(d) of</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <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">November
      15, 2018</font></u></b>
    </p>
    <hr style="color: #000000; width: 100%; height: 2.0 pt; text-align: center">


    <p style="text-align: center">
      <font style="font-size: 17pt"><b>Radian Group Inc.</b></font><br><b>(Exact
      Name of Registrant as Specified in Its Charter)</b>
    </p>
    <hr style="color: #000000; width: 100%; height: 2.0 pt; text-align: center">

<div style="text-align:left">

    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 32%">
          <b>Delaware</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center" colspan="2">
          <b>1-11356</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; width: 31%">
          <b>23-2691170</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 32%">
          <b>(State or Other Jurisdiction</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>of Incorporation)</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>(Commission</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>File Number)</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 31%">
          <b>(IRS Employer</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Identification No.)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 32%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 31%">

        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 2%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 31%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>1500 Market Street, Philadelphia, Pennsylvania</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; width: 31%">
          <b>19102</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Address of Principal Executive Offices)</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 2%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 31%">
          <b>(Zip Code)</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>Registrant&#8217;s Telephone Number, Including Area Code: <u>(215)
      231-1000</u></b>
    </p>
    <p style="text-align: center">
      <b>(Former Name or Former Address, if Changed Since Last Report)</b>
    </p>
    <hr style="height: 2.0 pt; color: #000000; text-align: center; width: 100%">


    <p style="white-space: nowrap; text-align: justify">
      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 (<i> see</i>&#160;&#160;General Instruction A.2.
      below):
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-size: 12pt">
      </font>Written communications pursuant to Rule 425 under the Securities
      Act (17 CFR 230.425)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-size: 12pt">
      </font>Soliciting material pursuant to Rule 14a-12 under the Exchange
      Act (17 CFR 240.14a-12)
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-size: 12pt">
      </font>Pre-commencement communications pursuant to Rule 14d-2(b) under
      the Exchange Act (17 CFR 240.14d-2(b))
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font><font style="font-size: 12pt">
      </font>Pre-commencement communications pursuant to Rule 13e-4(c) under
      the Exchange Act (17 CFR 240.13e-4(c))
    </p>
    <p>
      <br>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).<br>
    </p>
    <p>
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; text-indent: 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 style="white-space: nowrap">

    </p>
    <p>
      <font style="font-size: 10pt"><b>Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other Events.</b></font>
    </p>
    <p>
      <font style="font-size: 10pt">On November 15, 2018, Radian Group Inc.
      (the &quot;Company&quot;) issued a press release announcing that its wholly owned
      subsidiary, Radian Guaranty Inc. (&#8220;Radian Guaranty&#8221;) has obtained $434
      million of credit risk protection from Eagle Re 2018-1 Ltd. (&#8220;Eagle Re&#8221;)
      through the issuance by Eagle Re of mortgage insurance-linked notes
      (&#8220;ILNs&#8221;), and has agreed to terms with a third-party global reinsurer on
      a separate excess of loss (&#8220;XOL&#8221;) reinsurance agreement for $21 million
      of protection.&#160;&#160;Eagle Re is not a subsidiary or affiliate of Radian
      Guaranty.&#160;&#160;The ILNs and XOL transfer risk on the same portfolio of
      eligible mortgage insurance policies issued by Radian Guaranty between
      January 2017 and December 2017, with the XOL covering a pro rata portion
      of the risk alongside certain classes of the ILNs.&#160;&#160;</font>
    </p>
    <p>
      <font style="font-size: 10pt">A copy of the press release is attached to
      this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by
      reference herein.</font>
    </p>
    <p>
      <font style="font-size: 10pt"><b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
      Statements and Exhibits.</b></font>
    </p>
    <p>
      <font style="font-size: 10pt">(d) Exhibits. The following exhibit is
      furnished as part of this Current Report on Form 8-K:</font>
    </p>
    <p>

    </p>
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            Exhibit
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;&#160;&#160;No.
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: left; width: 91%">
          Description
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 91%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left; width: 6%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51900824ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 91%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51900824ex99_1.htm">Press Release dated November 15,
            2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; text-indent: 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">
      <font style="font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="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>

    </p>
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        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>RADIAN GROUP INC.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="2">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%; padding-bottom: 2.0px">
          Date: November 15, 2018
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: left; width: 3%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: left; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ J. Franklin Hall
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 47%">
          J. Franklin Hall
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Senior Executive Vice President and
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

    </p>
    <p>

    </p>
    <p>

    </p>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: left">

    </p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51900824ex99_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-family: Times New Roman; font-size: 12pt"><b>Radian
      Executes Mortgage Insurance Industry&#8217;s First Simultaneous ILN and XOL
      Reinsurance Placement</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Combined
      placement totals $455 million, comprised of $434 million of mortgage
      insurance-linked notes and $21 million of excess-of-loss reinsurance
      coverage</b></font>
    </p>
    <p>
      PHILADELPHIA--(BUSINESS WIRE)--November 15, 2018--Radian Group Inc.
      (NYSE: RDN) today announced that its wholly owned subsidiary, Radian
      Guaranty Inc., has obtained $434 million of credit risk protection from
      Eagle Re 2018-1 Ltd. (Eagle Re) through the issuance by Eagle Re of
      mortgage insurance-linked notes (ILNs) to eligible third-party capital
      markets investors in an unregistered private offering. Eagle Re is a
      special purpose insurer domiciled in Bermuda and is not a subsidiary or
      affiliate of Radian Guaranty. In addition, Radian Guaranty has agreed to
      terms with a third-party global reinsurer on a separate excess of loss
      (XOL) reinsurance agreement for $21 million of protection. The ILNs and
      XOL transfer risk on the same portfolio of eligible mortgage insurance
      policies issued by Radian Guaranty between January 2017 and December
      2017, with the XOL covering a pro rata portion of the risk alongside
      certain classes of the ILNs.
    </p>
    <p>
      &#8220;At Radian, we have a successful track record of sourcing, underwriting,
      managing and distributing mortgage credit risk, and we are pleased to
      execute this combined transaction that is the first of its kind in our
      industry,&#8221; said Radian&#8217;s Chief Executive Officer Rick Thornberry. &#8220;We
      believe there are a number of strategic benefits from leveraging and
      regularly accessing both the capital and reinsurance markets to
      distribute risk, including a reduction in our overall cost of capital,
      increased capital efficiency, and most importantly, the opportunity to
      reduce portfolio and financial volatility through economic cycles.&#8221;
    </p>
    <p>
      Eagle Re has funded its obligations through the issuance of three
      classes of ILNs. The ILNs provide excess of loss protection to Radian
      Guaranty for three coverage levels designated as M-1, M-2 and B-1, with
      a coverage percentage of 100 percent, 90 percent and 90 percent,
      respectively. The XOL covers the remaining 10 percent portion of
      coverage levels M-2 and B-1, and sits alongside the corresponding class
      of ILNs. All classes have 10-year final maturities and may be called at
      Radian Guaranty&#8217;s option after five years. The M-1, M-2 and B-1 notes
      have been assigned ratings of BBB-, BB- and B+, respectively, by
      Morningstar Credit Ratings LLC.
    </p>
    <p>
      Fannie Mae and Freddie Mac (GSEs) have approved the ILNs, while the XOL
      remains subject to GSE approval. Additional information about the
      combined ILN and XOL reinsurance placement may be found on the Investors
      section of Radian&#8217;s website here <u>https://www.radian.biz/page?name=Presentations</u>.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; text-indent: 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>About Radian</b>
    </p>
    <p>
      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, risk, real
      estate, and title services. We are powered by technology, informed by
      data and driven to deliver new and better ways to transact and manage
      risk. Learn more about Radian&#8217;s financial strength and flexibility at <u>www.radian.biz</u>
      and visit <u>www.radian.com</u> to see how Radian is shaping the future
      of mortgage and real estate services.
    </p>
    <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
      &#8220;forward-looking statements&#8221; 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
      &#8220;anticipate,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221;
      &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;goal,&#8221; &#8220;contemplate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
      &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;seek,&#8221; &#8220;strategy,&#8221;
      &#8220;future,&#8221; &#8220;likely&#8221; 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&#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. 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. 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: our ability to receive, as currently expected, GSE
      approval for the XOL reinsurance agreement and to receive the full
      PMIERs benefit for both the ILN and XOL reinsurance arrangements; and
      our ability to successfully execute and implement our capital plans,
      including plans for executing our risk distribution strategy by
      regularly transacting through the capital markets and reinsurance
      markets.
    </p>
    <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 our Annual Report on Form 10-K for the
      year ended December 31, 2017, and subsequent reports 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 press release.
      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>
      CONTACT:<br>Emily Riley &#8211; Phone: 215.231.1035<br>Email: <u>emily.riley@radian.biz</u>
    </p>
    <p>

    </p>
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