PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today announced that it has completed the sale of Clayton EuroRisk, a provider of outsourced mortgage services in Europe, to a global investment firm. As a result, Radian no longer offers products and services for its Mortgage and Real Estate Services business in Europe. The sale of Clayton EuroRisk is consistent with Radian’s strategy to reposition its Services segment for sustained profitability, by focusing on offering the products and services that are core to the Services business.
“We are pleased with this transaction, and look forward to a seamless transition for our customers, partners and EuroRisk employees,” said Radian Chief Executive Officer Rick Thornberry. “At Radian, we continue to sharpen our focus and make progress against our goal of transforming our company into one that is even more cohesive and profitable.”
Clayton EuroRisk’s products include due diligence services, quality control reviews, valuation reviews and consulting services. Clayton EuroRisk provides services to mortgage originators and servicers, as well as to investors in performing and non-performing mortgage loans. Revenue for the business is generated in foreign countries throughout Europe.
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.
