Radian Group Inc--Form 8-K

 

 

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) June 15, 2015

 

 

Radian Group Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Delaware   1-11356   23-2691170

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1601 Market Street, Philadelphia, Pennsylvania     19103
(Address of Principal Executive Offices)     (Zip Code)

(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 8.01. Other Events.

The following table sets forth selected key mortgage insurance data for Radian Group Inc.’s Mortgage Insurance segment as of and for the two-month period ended May 31, 2015.

Key Mortgage Insurance Data

(Dollars in millions)

 

     As of or for the 2 months ended
May 31, 2015
 

Primary new insurance written

   $ 7,522   

Percentage of primary new insurance written:

  

Monthly premiums

     67

Single Premiums

     33

Primary insurance in force

   $ 173,342   

Primary risk in force

   $ 43,749   

Primary insurance in force: Default Rollforward

  

Beginning default inventory April 1, 2015

     40,440   

New defaults

     6,476   

Cures

     (6,515

Claims paid

     (2,932 )(1) 

Rescissions and denials, net of reinstatements

     (17

Rescissions/denials relating to BAC Settlement

     637   
  

 

 

 

Ending default inventory May 31, 2015

  38,089   
  

 

 

 

 

(1) 1,106 of these claims paid are associated with the implementation of the BofA Settlement Agreement. See Note 10 of Notes to Consolidated Financial Statements in Radian Group Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014 for additional information regarding the BofA Settlement Agreement.

As of May 31, 2015, Radian Group Inc. had immediately available, directly or through an unregulated subsidiary, unrestricted cash and liquid investments of approximately $712 million, which excludes certain additional cash and liquid investments that have been advanced from our subsidiaries for corporate expenses and interest payments.


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.

 

RADIAN GROUP INC.
(Registrant)
Date: June 15, 2015 By:

/s/ J. Franklin Hall

J. Franklin Hall
Chief Financial Officer