Current Report Filing (8-k)
April 09 2013 - 8:30AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported) April 9, 2013
Radian Group Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
|
1-11356
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23-2691170
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1601
Market Street, Philadelphia, Pennsylvania
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19103
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(215) 231 - 1000
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
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 (see General
Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On April 9, 2013, Radian Group Inc. (the “Company”) issued a news
release announcing, among other things:
-
The delinquency data for its mortgage insurance business for March
2013;
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During the monthly period ending March 31, 2013, Radian Guaranty Inc.,
the Company’s principal mortgage insurance subsidiary, wrote $3.63
billion of new insurance written.
The Company also announced that after giving effect to a contribution of
$115 million to Radian Guaranty in March 2013, it currently maintains in
excess of $800 million of currently available liquidity and that it
expects to maintain a risk-to-capital ratio of 20:1 or below at Radian
Guaranty for the foreseeable future.
A copy of this news release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
The information included in, or furnished with, this report shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 (the "Exchange Act"), nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933 or the Exchange
Act, except as shall be expressly set forth by specific reference in
such filing.
Forward-looking Statements
Some of the statements in this Current Report on Form 8-K may constitute
“forward-looking statements” 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 "will," "expects," "believes" and similar
expressions are used to identify these forward-looking statements. These
forward-looking 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 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. 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 the following:
-
changes in general economic and political conditions, including high
unemployment rates and continued weakness in the U.S. housing and
mortgage credit markets, a significant downturn in the U.S. or global
economies, a lack of meaningful liquidity in the capital or credit
markets, changes or volatility in interest rates or consumer
confidence and changes in credit spreads, each of which may be
accelerated or intensified by, among other things, legislative
activity or inactivity or actual or threatened downgrades of U.S.
credit ratings;
-
the application of existing federal or state laws and regulations, or
changes in these laws and regulations or the way they are interpreted,
including, without limitation: (i) the resolution of existing, or the
possibility of additional, lawsuits or investigations; and (ii)
legislative and regulatory changes (a) impacting the demand for
private mortgage insurance, (b) limiting or restricting our use of (or
increasing requirements for) additional capital and the products we
may offer or increasing the amount of capital we are required to hold,
(c) affecting the form in which we execute credit protection, or (d)
otherwise impacting our existing businesses; and
-
the possibility that we may fail to estimate accurately the
likelihood, magnitude and timing of losses in connection with
establishing loss reserves for our mortgage insurance or financial
guaranty businesses or premium deficiencies for our mortgage insurance
business, or to estimate accurately the fair value amounts of
derivative instruments in determining gains and losses on these
contracts.
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, 2012 and subsequent reports and
registration statements filed from time to time with the Securities and
Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1* Radian Group Inc. News Release dated
April 9, 2013.
_____________________
* Furnished herewith.
SIGNATURES
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.
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RADIAN GROUP INC.
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(Registrant)
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Date:
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April 9, 2013
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By:
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/s/ C. Robert Quint
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C. Robert Quint
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit
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No.
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Description
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99.1*
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Radian Group Inc. News Release dated April 9, 2013
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* Furnished herewith.
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