Radian Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Radian Group Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

RADIAN GROUP INC (RDN) filed a Annual Report (10-K) with the SEC on February 23, 2024. Radian Group Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 550 East Swedesford Road, Suite 350, Wayne, PA 19087. Radian Group Inc. was formerly known as CMAC Investment Corp, with a name change effective January 26, 1996. The SIC code for Radian Group Inc. is 6351 (Surety Insurance).

Why It Matters

For investors and stakeholders tracking RADIAN GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Radian Group's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The detailed financial statements and disclosures within the 10-K allow for a thorough understanding of the company's position in the surety insurance market and its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — RADIAN GROUP INC shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information that requires careful analysis to identify specific risks, but it does not highlight any immediate or severe threats in the summary provided.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Radian Group's performance and potential challenges in the surety insurance market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 1996-01-26 — Date of Name Change (Historical company information)

Key Players & Entities

• RADIAN GROUP INC (company) — Filer name
• CMAC INVESTMENT CORP (company) — Former company name
• 2155646600 (dollar_amount) — Business phone number

FAQ

Industry Context

Radian Group Inc. operates within the surety insurance industry, providing financial guarantees for various obligations.

Regulatory Implications

The company is subject to regulations governing the insurance industry, as indicated by its filing of a Form 10-K under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet strength.
2. Review the Management's Discussion and Analysis (MD&A) for insights into operational performance and strategic initiatives.
3. Examine the Risk Factors section for potential challenges and their impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison to a previous filing requires access to that specific document.

Key Financial Figures

• $0.001 — The number of shares of common stock, $0.001 par value per share, of the registrant
• $450 million — nsecured senior notes due October 2024 ($450 million original principal amount) Senior Note
• $525 million — unsecured senior notes due March 2025 ($525 million original principal amount) Senior Note

Filing Documents

• rdn-20231231.htm (10-K) — 4987KB
• rdn-ex21_20231231.htm (EX-21) — 14KB
• rdn-ex231_20231231.htm (EX-23.1) — 3KB
• rdn-ex31_20231231.htm (EX-31) — 17KB
• rdn-ex32_20231231.htm (EX-32) — 6KB
• rdn-ex97_20231231.htm (EX-97) — 69KB
• image_0.jpg (GRAPHIC) — 9KB
• rdn-20231231_g1.jpg (GRAPHIC) — 71KB
• rdn-20231231_g2.jpg (GRAPHIC) — 50KB
• rdn-20231231_g3.jpg (GRAPHIC) — 54KB
• 0000890926-24-000006.txt (&nbsp;) — 22829KB
• rdn-20231231.xsd (EX-101.SCH) — 114KB
• rdn-20231231_cal.xml (EX-101.CAL) — 161KB
• rdn-20231231_def.xml (EX-101.DEF) — 756KB
• rdn-20231231_lab.xml (EX-101.LAB) — 1446KB
• rdn-20231231_pre.xml (EX-101.PRE) — 1072KB
• rdn-20231231_htm.xml (XML) — 4468KB

Risk Factors

Item 1A Risk Factors 44

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 62

Cybersecurity

Item 1C Cybersecurity 62

Properties

Item 2 Properties 63

Legal Proceedings

Item 3 Legal Proceedings 63

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 63 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64

[Reserved]

Item 6 [Reserved] 64

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 65

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 97

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 99

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 155

Controls and Procedures

Item 9A Controls and Procedures 155

Other Information

Item 9B Other Information 156

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 156 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 156

Executive Compensation

Item 11 Executive Compensation 156

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 156

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 157

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 157 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 158

Form 10-K Summary

Item 16 Form 10-K Summary 158 Index to Exhibits 159

Signatures

Signatures 168 2 Table of Contents Glossary of Abbreviations and Acronyms for Selected References The following list defines various abbreviations and acronyms used throughout this report, including the Business Section, the Management's Discussion and Analysis of Financial Condition and Results of Operations, the Consolidated Financial Statements, the Notes to Consolidated Financial Statements and the Financial Statement Schedules. A number of cross-references to additional information included throughout this Annual Report on Form 10-K are also utilized throughout this report, to assist readers seeking additional information related to a particular subject. Term Definition 2012 QSR Agreements Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014 2016 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017 2018 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019 2020 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021 2022 QSR Agreement Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium

View Full Filing

View this 10-K filing on SEC EDGAR