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MGIC and Radian Combo Will Control 38% of MI Market.
MILWAUKEE -- The proposed merger of MGIC Investment Corp. here and Radian Group would create a combined unit that holds 38% of mortgage insurance in force.
The terms of the transaction call for MGIC to exchange 0.9658 shares of its common stock for every share of Radian. After the deal closes, the combination will be known as MGIC Radian Financial Group Inc.
It will be headquartered in Milwaukee. MGIC will be the name of the mortgage insurance business, while the financial guaranty business will retain the Radian Guaranty name.
MGIC chairman and chief executive Curt S. Culver said his company's merger with Radian Group Inc., Philadelphia, "restored his credibility" because for the past five years, he has been preaching about the need for consolidation in the private mortgage insurance business.
Mr. Culver will take the reigns of the combination at first, holding the chief executive slot until 2009 and the chairman position until 2010. After that, S.A. Ibrahim, Radian's current chief executive and the designated president and chief operating officer of MGIC Radian, will assume those titles.
It is how these social issues got resolved that is a positive influence on the transaction's future success. Paul Miller, an analyst with Friedman Billings Ramsey, said past discussions got bogged down over the fact that MGIC would be the dominant partner in management and on the board.
The new company, besides designating Mr. Ibrahim as Mr. Culver's successor, will have a board comprised of six members appointed by MGIC, five by Radian and a sixth nominee from Radian who will need to be elected by the shareholders of MGIC Radian.
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Source: HighBeam Research, MGIC and Radian Combo Will Control 38% of MI Market.