Radian Group Inc. ($RDN)

Hello, and welcome to the Annual Meeting of Stockholders of Radian Group Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Howard Culang. Mr. Culang, the floor is yours.

Good morning. My name is Howard Culang, I'm the Non-Executive Chair of the Board of Directors of Radian. I would like to welcome all of you to Radian Group's 2026 Annual Meeting of Stockholders is being held via live audio webcast. I would like to call each stockholders' attention to the agenda that outlines the order of business for today's meeting. I will act as Chair of the meeting and Elizabeth Diffley, who is EVP and Senior Corporate Counsel and Corporate Secretary of the company, will act as Secretary of the meeting. There's now approximately 9 a.m. and in accordance with the notice of the 2026 Annual Meeting of Stockholders, which was sent to you with the proxy statement, I call the 2026 Annual Meeting of Stockholders to order. If any stockholder would like to access a copy of the Annual Report or Proxy Statement, links to those documents located in the Meeting Documents section at the right of your screen. Before we proceed, it's my pleasure to introduce Rick Thornberry, Radian's Chief Executive Officer; and Daniel Kobell, Radian's Interim Chief Financial Officer. Also intend today are all of the members of our Board and several other members of senior management. John Beasley, representing PricewaterhouseCoopers LLP, company's independent registered public accounting firm is also present this morning. Mr. Beasley will be available during the question period to answer any appropriate questions you may have. And now to the business of the meeting. In fairness to all stockholders in attendance and in the interest of an orderly meeting, we ask that stockholders limit questions to those pertaining to the business of the meeting. Miss Elizabeth will now report on the status of the meeting.

This meeting has been called by notice dated April 2, 2026. And the company has received proof that the notice of Internet availability of proxy materials was mailed and at the Notice of Annual Meeting, the company's 2025 annual report, the proxy statement and proxy card were filed and made available on or about April 2, 2026, week stockholder of record as of the close of business on March 23, 2026, the record date for this meeting. A representative from Computershare Shareowner Services has been appointed as Inspector of Election, do the vote at this meeting and any adjournment or post potent. The Inspector of Election has advised us that a quorum exists for each matter.

Thank you, Elizabeth. On this basis, I declare a quorum present and this meeting duly convened and confident to proceed with the transaction of business. And now I declare the polls open. If you have already submitted your proxy, your shares will automatically be voted in accordance with your instructions on the proxy card, and you do not need to take any further action unless you wish to change your vote. All stockholders of record who have not yet voted or wish to change their vote, may do so now by clicking the link provided on your agenda to cast your vote.

Throughout this meeting, we may make forward-looking statements that are based on current expectations, estimates, projections and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements and the risk factors included in our 2025 Form 10-K and subsequent reports filed with the SEC. These are also available on our website. Also, during this meeting, we may refer to certain non-GAAP financial measures, may include adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity. A complete description of these measures and the reconciliation to GAAP can be found on the Investors section of our website.

Thank you, Elizabeth. There are 4 proposals to come before the meeting for stockholder approval. Board of Directors has recommended that stockholders vote in favor at each of director nominees and the other 3 proposals. The reasons for the Board's recommendations are set forth in the company's proxy statement. First order of business is the election of directors. There are a motion to elect each of the 11 nominees for Director.

My name is Noel Spiegel, and I am Chair of the Governance Committee of the company's Board of Directors. On behalf of the Board of Directors, I nominate for election as Director, each of the nominees set forth in the proxy segment.

The second order of business is to approve by an advisory nonbinding vote the overall compensation of the company's named executive officers. They are a motion to approve this proposal.

I move that the overall compensation of the company's named executive officers be approved.

Third order of business is the proposal to approve the Radian Group in 2026 equity compensation plan, our motion to approve this proposal.

I move that the Radian Group, Inc. 2026 compensation plan be approved.

The fourth order of business is the proposal to ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year ending December 31, 2026. We are a motion to ratify the appointment of PricewaterhouseCoopers.

I move that the appointment of PricewaterhouseCoopers LLP be ratified.

The online voting for each matter voted upon at this meeting is now closed. Will the inspector of election, please calculate the votes. With the inspector of election, please report the results of the vote.

Apologies. Mr. Chairman, having conducted the election and vote at the 2026 Annual Meeting of Stockholders of Radian Group Inc. [ ITM ] report based on my preliminary tally that the stockholders have voted for the election of each of the nominees for director for the approval of the overall compensation of the company's named executive officers for the approval of the Radian Group Inc. 2026 equity compensation plan; and four, the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the year ending December 31, 2026. .

Based on the report of the Inspector of Election, I hereby declare that each of the nominees for Director has been duly elected and proposals 2, 3 and 4 have been approved. The Inspector of Election will certify the final results of the voting. While this concludes the formal business of the meeting. At this time, I would like to introduce our CEO, Rick Thornberry, to give a brief report on the company. Following Rick's remarks, we will address any questions that relate to the business of the meeting that were submitted during the meeting.

Thank you, Howard, and thank you all for participating today. Before we close the meeting, I want to reflect on where we have been, what we have accomplished and where we are headed. For nearly 5 decades, Radian has been one of the leading mortgage insurance companies in the United States. We have built a high-quality portfolio, a strong balance sheet and deep customer relationships while maintaining a consistent track record of delivering stockholder value. I am proud of that legacy. Earlier this year, we took significant steps to build upon that success and position the company for long-term growth and value creation in 2026 and beyond. On February 2, we completed the acquisition of Inigo Limited, a highly respected Lloyd's of London specialty insurer. And with that, Radian became a global multiline specialty insurer. Inigo is a leading Lloyd's business built by world-class underwriters with deep expertise across global property, casualty and reinsurance. Lloyd's of London is the world's leading specialty insurance marketplace and this acquisition gives us a meaningful seat at the table in a much larger global specialty market. Importantly, Inigo's model aligns with our core strengths, disciplined underwriting, data-driven analytics, and strong risk management. As part of Radian, Inigo operates as a stand-alone business unit, retaining its leadership team and culture while benefiting from our capital strength and enterprise capabilities. What excites me most is how naturally these businesses fit together, we expect our mortgage insurance segment to remain a powerful capital generating engine that supports families across the U.S. achieve their dream of homeownership. Inigo brings a globally diversified specialty insurance portfolio that complements what we already do well by expanding our geographic reach, enhancing our ability to deploy capital across market cycles and adding uncorrelated [indiscernible] diversification. Importantly, the transaction reflects our capital discipline. Consistent with our long-term approach to balance sheet management and capital allocation we funded the acquisition using existing liquidity and excess capital without raising new equity. None of this happens without the financial strength and flexibility we've built including the strong results we delivered in 2025. So let me spend a moment there. In 2025, our mortgage insurance business grew insurance in force to an all-time high of $282.5 billion, wrote $55 billion of new insurance and generated net income from continuing operations of $618 million. We grew book value per share by 13% and returned $576 million to stockholders through dividends and share repurchases. In 2025, Radian Guaranty distributed $795 million in dividends to Radian Group, giving us the liquidity to fund the Inigo acquisition from a position of strength. In a broader context, from 2020 through 2025 and we returned approximately $2.5 billion to stockholders through dividends and share repurchases, while maintaining a sound balance sheet, continuing to invest in the business. Our capital allocation philosophy has not changed, maintained financial strength, invest in growth, and return excess capital responsibly. We believe our ability to generate redeploy capital with discipline recycles is one of Radian's most important competitive advantages. Building on this momentum earlier this month, we reported our first quarter as a global multiline specialty insurer. I'm pleased to report that we're off to a strong start, with total revenues increasing 58% year-over-year to $466 million. Our mortgage insurance business saw new insurance written grow 42% year-over-year, while our specialty segment delivered $162 million in gross premiums written with only 2 months of Inigo's results reflected in our first quarter earnings. These results reflect the power of our strategy. Looking ahead, we're focused on 3 clear priorities: delivering strong, consistent performance in our mortgage insurance franchise to help continue to advance the mission of affordable, sustainable and responsible homeownership; successfully integrating Inigo and advancing our transformation into a global specialty insurer; and maintaining disciplined capital allocation, deploying capital where it earns attractive risk-adjusted returns, preserving financial strength and returning excess capital to stockholders over time. I also want to recognize the people who make this all possible. Our teams across the U.S. and in England have shown exceptional commitment and agility through a truly transformative period as we sharpen our focus on our core strengths and grow globally, that includes the focused and important work underway to wind down our mortgage conduit business and complete the planned divestitures of our title and real estate services businesses. I am thankful for the dedication and professionalism of our teams. Our culture, grounded and accountability, collaboration and belonging will remain a critical differentiator as we move forward. Earlier this year, we announced the addition of Seraina to our Board of Directors. Seraina brings more than 35 years of global insurance experience and a passion for leveraging emerging technologies. She is a wonderful addition to our already strong board. Finally, before I close my comments, I want to recognize Greg Serio on his retirement from our Board after 14 years of service. On behalf of our entire team at Radian, we thank him for his commitment and dedication. Nearly 50 years ago, Radian was founded with a clear sense of purpose and that purpose has not changed. Today, we are building on a proud legacy to create something even greater, a global multiline specialty insurer with talent, capital and strategic vision to compete and win for decades to come. To all of you, thank you for your continued confidence and support. We are energized by what is ahead, and we are committed to successfully executing our strategy. Thank you.

Thank you, Rick. Now we will respond to questions that may have been submitted by stockholders during the meeting through our stockholder of record and wish to ask a question, we click on the message I can to submit your questions, to another question that was not answered during the meeting, we will follow up with you separately after the meeting. I'll turn it back over to Rick now. .

Okay. At this time, there are no questions, Howard. So I think we can...

Thank you, there being no further business to come before this meeting, meeting is adjourned. I would like to express my appreciation to the stockholders who attended the meeting as well as those who submitted their proxies who are not able to attend.

This concludes the meeting. You may now disconnect.