(Bloomberg) — Radian Group Inc. Chief Executive Officer S.A. Ibrahim said the mortgage insurer is poised to expand after its first profitable year since 2006.
Radian posted net income of $959.5 million in 2014 after enduring years of losses on guaranties of home loans that were made before the financial crisis. As the company's stock rebounded, Ibrahim reached a deal last year to acquire mortgage-services provider Clayton Holdings. He also sold a bond guaranty unit for about $800 million.
"The combination of these events marks a turning point," Ibrahim said in an annual letter to shareholders on the Philadelphia-based insurer's website Friday. "With the majority of our legacy exposure behind us, we are able to simplify and streamline our company to drive long-term value."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
