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September 21, 2007
Radian, MGIC Sell Portions of Sherman JV
Mortgage insurers Radian Guaranty and Mortgage Guaranty Insurance Corp. have sold portions of their interest in Sherman Financial Group LLC to an entity owned by Sherman's senior management. Following the sales, Philadelphia-based Radian owns 21.8% of the outstanding equity in Sherman, Milwaukee-based MGIC owns 24.2%, and the remainder is controlled by Sherman management, the companies said. Radian reported that it received a cash payment of approximately $278 million and may also receive a contingent payment based on unspecified terms involving the future rate of return.
Posted by S. Germain at September 21, 2007 08:09 AM