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- Financial Guaranty
- Mortgage Insurance
- Direct Structured Finance Portfolio
Direct Structured Finance Portfolio December 31, 2014
On December 22, 2014, Radian Guaranty, the mortgage insurance subsidiary of Radian Group Inc., entered into a Stock Purchase Agreement to sell 100% of the issued and outstanding shares of Radian Asset Assurance Inc., Radian’s financial guaranty insurance subsidiary, to Assured Guaranty Corp., a subsidiary of Assured Guaranty Ltd. (NYSE: AGO) for approximately $810 million, subject to certain adjustments. However, the purchase price is not subject to adjustment due to Radian Asset Assurance’s results of operations, changes in valuation or market conditions. As a result of the Stock Purchase Agreement, we have reclassified the operating results related to the disposition as discontinued operations, and Radian Group Inc. no longer reports the results of its financial guaranty business as a business segment under applicable accounting rules. Therefore, we will not be updating the financial reports for Radian Asset Assurance after the third quarter of 2014. The closing under the Stock Purchase Agreement is expected to occur in the first half of 2015.