Radian Expands Geographic Footprint for Title Services with Acquisition of Entitle Direct
March 28 2018 - 6:30AM
Business Wire
-- Acquisition complements existing
capabilities offered through its ValuAmerica subsidiary; positions
Radian to provide title insurance and settlement services to
customers nationwide --
Radian Group Inc. (NYSE: RDN) announced today that it has
acquired Entitle Direct Group, Inc., a national title insurance and
settlement services company.
This acquisition is consistent with Radian’s growth and
diversification strategy, as well as its focus on the core product
offerings of its Mortgage and Real Estate Services business.
Entitle Direct, with its 40 state title insurance licenses, will
complement the geographic reach of ValuAmerica, Radian’s existing
title agency.
Radian Chief Executive Officer Rick Thornberry commented, “We
are delighted to welcome Entitle to the Radian family of companies,
expanding our capabilities and providing our customers across the
country with the title insurance and settlement services they want
and need. This is another example of the progress we are making to
reposition our Services segment for sustained profitability, by
focusing on and investing in the products and services that are
core to that business.”
Entitle Direct will continue to operate under its current brand
and provide the same level of quality products and services to its
customers through its offices in Independence, Ohio; Pittsburgh,
Pennsylvania; Corona, California; and Austin, Texas. Eric Ray,
senior executive vice president, Technology and Transaction
Services for Radian will be responsible for the strategic direction
and leadership for the company’s title and settlement services
businesses. No other terms of the transaction were announced.
ABOUT RADIAN
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:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance helps protect 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%.
- Mortgage and Real Estate Services,
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.
Additional information may be found at www.radian.biz.
FORWARD-LOOKING STATEMENTS
All statements in this press release that address events,
developments or results that we expect or anticipate may occur in
the future are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
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 “anticipate,” “may,” “will,” “could,”
“should,” “would,” “expect,” “intend,” “plan,” “goal,”
“contemplate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “seek,” “strategy,” “future,” “likely” 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 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: the Company’s ability to successfully implement
the restructuring plan as currently anticipated; restructuring
charges being different from those estimated, including changes in
the size and components of the expected costs and charges
associated with the restructuring as well as unanticipated charges
not currently contemplated that may occur as a result of the
restructuring; changes in the planned timing of the restructuring,
including the timing of plans for implementing the reductions in
workforce; and disruption in our business associated with the
restructuring plan and related activities.
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version on businesswire.com: https://www.businesswire.com/news/home/20180328005315/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
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