Radian Stockholders at Annual Meeting Re-elect Directors, Approve Executive Compensation and All Other Proposals; Company Declares Regular Quarterly Dividend on Common Stock
Radian Group Inc. announced today that its stockholders re-elected ten directors, who serve one-year terms and are re-elected annually. The company’s stockholders approved all proposals recommended by the board of directors and presented for vote at Radian’s 2015 Annual Meeting, including an advisory proposal on Radian’s executive compensation.
As previously disclosed, Jan Nicholson, a director of Radian since 2003, retired from the Board upon the conclusion of Radian’s 2015 Annual Meeting. The Board was reduced from 11 to 10 members upon Ms. Nicholson’s retirement.
“Radian has been extremely fortunate to have benefited from the service of Jan Nicholson for more than a decade,” said Herbert Wender, Non-Executive Chairman of Radian Group Inc. “We will miss Jan’s sound advice, experience and diplomacy and on behalf of the company I wish her well in her retirement.”
Radian also announced that the company’s Board of Directors approved a regular quarterly dividend on its common stock in the amount of $0.0025 per share, payable on June 8, 2015 to stockholders of record as of May 26, 2015.
Chief Executive Officer S.A. Ibrahim addressed the attendees of Radian’s Annual Meeting by stating, “Over the past several years, our vision for Radian has focused on leading our company out of the downturn by writing strong volumes of profitable mortgage insurance business and positioning our company for future growth and success. We made significant progress in 2014 against both of these priorities.”
Ibrahim added, “Looking ahead, we expect to benefit from the strong credit quality and projected earnings power of our existing mortgage insurance book of business and, longer term, to leverage our new mortgage and real estate services capabilities in order to serve the entire mortgage finance market.”
Radian Group Inc. (NYSE:RDN) , headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Some of the statements in this press release 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 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. 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, 2014, Item 1A of Part II of our Quarterly Report on Form 10-Q filed in 2015, and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
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