from non-traditional mortgage insurance products.  And a significant 24% was generated by our financial guaranty businesses. For years, as a mortgage insurer, Radian was known and expected to challenge the status quo. We introduced a new approach to mortgage insurance that redefined what was considered a “commodity” product. In September of 2001, we did it again with Radian Lien Protection: a mortgage insurance product that can be used as an alternative to traditional title insurance for refinances, second mortgages and home equity loans. As a company with a new breadth of services and resources, we were not only able to create Radian Lien Protection, a product that could save American homeowners more than $2.5 billion a year, we also streamlined the closing process. By combining traditional mortgage insurance with the technology of RadianExpress, we developed a more efficient, effective and complete solution — one that saves homeowners real money on what often is the single largest expense of refinancing a home.  As we look forward, we remain committed to growing Radian — by building our core mortgage insurance Visualize. Realize. In 2001, Radian took its first steps toward becoming the company we visualized when we set our diversification strategy four years ago. We expect to realize the benefits as we enter what promises to be another outstanding year for Radian, and I want to thank you for your continued confidence and support.  business at its same aggressive pace, and by challenging  our other businesses to follow that lead. In 2001, we took two significant steps toward securing our future growth:  We obtained a license to conduct business as a financial guarantor in the United Kingdom and correspondingly opened a Radian branch in London; and we established a new business unit, Global Structured Products, to help forge new relationships and seek opportunities in the rapidly growing sector of derivative products. With more than  $2 billion of new business generated by Global Structured Products in the second half of 2001, we’re well on our way  to establishing Radian as a significant and lasting business partner in the international capital markets. Frank P. Filipps Chairman and Chief Executive Officer In 2001, Radian took its first steps toward becoming the company we visualized when  we set our diversification strategy four years ago.  > 5