Current Report Filing (8-k)
March 09 2016 - 4:35PM
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) March
8, 2016
Radian Group Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
|
1-11356
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23-2691170
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(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)
|
|
(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 5.02.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
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On March 8, 2016, Radian Group Inc. (the “Company”) terminated the
employment of Joseph D’Urso, President, Clayton Holdings LLC
(“Clayton”), the Company’s mortgage and real estate services
business. Effective with Mr. D’Urso’s departure from Clayton, the
Company appointed Jeff Tennyson to serve as interim president of
Clayton.
Item 7.01.
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Regulation FD Disclosure.
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On March 9, 2016, the Company issued a news release, announcing the
appointment of Jeff Tennyson as interim president of Clayton. 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 Item 7.01 of 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.
Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
99.1* Radian
Group Inc. News Release dated March 9, 2016.
_____________________
* 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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March 9, 2016
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By:
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/s/ Edward J. Hoffman
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Edward J. Hoffman
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General Counsel and Corporate Secretary
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EXHIBIT INDEX
Exhibit
No.
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Description
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99.1*
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Radian Group Inc. News Release dated March 9, 2016.
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* Furnished herewith.
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Exhibit 99.1
Radian
Appoints Jeff Tennyson as Interim President of Clayton
PHILADELPHIA--(BUSINESS WIRE)--March 9, 2016--Radian Group Inc.
announced today that it has appointed Jeff Tennyson to serve as interim
president of Clayton Holdings LLC, Radian’s principal mortgage and real
estate services subsidiary, effective immediately. The announcement
follows the departure of Joe D’Urso, the company’s former president,
also effective immediately.
“Clayton is a leader in its industries and has provided Radian with an
excellent opportunity to grow and diversify,” said Radian’s Chief
Executive Officer S.A. Ibrahim. “Given Jeff’s deep knowledge of the
business, strong customer relationships and support of our talented
team, I have great confidence that he will help us continue to achieve
our strategic objectives and realize even greater success.”
Radian acquired Clayton, a leading provider of risk-based analytics,
residential loan due diligence, consulting, surveillance and valuation
solutions, in June 2014. Tennyson, who joined Clayton in February 2015
as chief operating officer, has been responsible for Clayton’s U.S.
business units including: Transaction Management, Consulting,
Surveillance, Green River Capital and ValuAmerica. In his new role,
Tennyson will be responsible for the overall operating results of the
company’s business lines.
Tennyson has more than 30 years of experience in the financial services
industry. Prior to joining Clayton, he was chief operating officer of
B2R Finance, L.P., a specialty finance company of the Blackstone Group
that provides mortgage financing for owner/operators of single-family
residential rental properties. Prior to B2R, Tennyson was chairman and
chief executive officer of Strategic Lending Group and managing director
of Strategic Growth Bank. For 12 years, he was also chairman and chief
executive officer of EquiFirst Corporation, a national non-agency
mortgage lender and subsidiary of Barclays. Tennyson is a Certified
Public Accountant and holds a business degree from Harding University
and an MBA from Harvard Business School.
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
protects 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.
CONTACT:
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.biz
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