Shares of Radian Group RDN were trading higher by more than seven percent Tuesday morning after the company disclosed it will sell its Radian Asset Assurance subsidiary to Assured Guaranty AGO for $810 million in cash.
“While Radian Asset has been an important part of our history and our success, we are committed to streamlining our business and aligning our strategy toward the mortgage and real estate markets,” Radian Group's Chief Executive Office S.A. Ibrahim said in a statement. “This agreement marks an important milestone as we prepare for finalization of the proposed PMIERs in 2015. While we expect to fully comply, the sale of Radian Asset will help to accelerate our ability to do so.”
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