Radian sells title, real estate units to PLACE in specialty insurer pivot

He praised the teams behind the divested units and said PLACE is “well positioned to build on their success, while Radian focuses fully on executing our strategy as a global multi-line specialty insurer and delivering long-term value for our stockholders.”

Ben Kinney, co-founder and CEO of PLACE, said his firm is “excited to welcome Radian’s Real Estate Services business to PLACE and look forward to the opportunity to bring Radian’s Title business into our platform following closing.” He cited the businesses’ “deep industry expertise, strong customer relationships and complementary capabilities.”

Mike Weinbach, Radian’s CEO-elect, said the transformation “continues to gain momentum.” He added that the combination of the mortgage insurance franchise and the specialty insurance business “create a strong foundation for disciplined capital allocation and long-term value creation, while expanding our access to large, diversified global markets.”

Citizens Capital Markets & Advisory is advising Radian on the deals. Faegre Drinker Biddle & Reath LLP is acting as legal counsel.

Radian did not disclose the financial terms of either sale.