Radian Group Inc, the biggest private U.S. mortgage insurer, posted a surprise quarterly adjusted profit, helped by a rise in premium income, and said new business it wrote after the housing bust accounted for more than half of its portfolio.
A recovery in the U.S. housing sector has helped mortgage insurers attract new and profitable business, giving them some respite from the string of losses they have been posting since the housing crisis in 2008.
“This improved composition has helped our mortgage insurance business achieve profitability, absent the impact of fair value gains and losses, for the quarter and six months,” Chief Executive S.A. Ibrahim said in a statement.
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