## FINDING OPPORTUNITY IN NEW MARKETS. 

In the summer of 2001, we were granted a license to conduct business in the United Kingdom through our London branch. This was a critical step in our strategic effort to reach out globally to the capital markets and strengthen our presence overseas. The license authorizes us to provide credit, surety and financial types of insurance and reinsurance products, including financial guaranty. 

We see great possibility in Europe for the kinds of deals we’re able to structure through solutions that blend all of our resources. In December, for example, we joined a syndicate of insurers, banks and institutional investors to launch a $1.18 billion structured transaction for a portfolio of German residential mortgages. An effort that leveraged Radian’s expertise in both structured products and mortgage loan-level due diligence, this transaction supports our strategy of bringing together Radian’s diverse, yet aligned, competencies to the benefit of our clients. 

## CHANGING EVERYTHING. STAYING THE SAME. 

At Radian, we’re able to push traditional boundaries and challenge the status quo because of the adherence we pay to fiscal responsibility and discipline. We take a conservative approach to risk for both bulk and flow MI business, and weigh the return of each deal very carefully. But if we see a good opportunity, we move. And move aggressively. 

Likewise, because of our heritage of reserving conservatively — Radian has the deepest loss reserves per loan in the mortgage insurance industry — we are able to deploy our capital, as needed, into areas where we foresee opportunity. 

The bar for innovation rises constantly. At Radian, we like to be the one who keeps moving it higher. And we do. Through a culture committed to changing the nature of risk in new, unexpected and valuable ways. This is our model. And will continue to be so. It’s how we will realize our future. 

