Radian Group, the nation's third largest mortgage insurer, said in a new regulatory filing Wednesday that it has fired its chief operating officer Robert Griffith and reduced its workforce by 7%.
No reason was given for Griffith's termination. In the filing the mortgage insurer noted that Griffith and Radian are parties to a severance deal that “governs the parties' obligations following termination of employment and, subject to Mr. Griffith's executing a general release of claims against Radian Guaranty and its affiliates, provides for certain post-termination payments and other benefits.”
As of year end 2010, Radian employed 584 full timers in its mortgage insurance business.
According to figures compiled by ASR sister publication National Mortgage News and the Quarterly Data Report, Radian ranks third in terms of policies-in-force at June 30.
However, in 2Q11 it ranked second in new business written, staying ahead of the struggling PMI Group. Still, Radian saw its new policy volume fall by 14% in 2Q11 to $2.3 billion written.
Radian's shares trade for about $2.50 on the New York Stock Exchange.