171 •  We completed a number of transactions designed to increase Radian Group’ s financial flexibility and conserve our  holding company liquidity: -  During 2012, we purchased $170.6 million of principal amount of our 5.625% Senior Notes due February 15,  2013 (the “2013 Notes”) at a discount to their face amount outstanding, as discussed in more detail in Note 13. -  On January 4, 2013, Radian Group completed an of fer to exchange its outstanding 5.375% Senior Notes due  June 15, 2015 (the “Old Notes”) for a new series of 9.000% Senior Notes due June 15, 2017  (the “New Notes”)  and additional cash consideration in certain circumstances  (the “Exchange Offer”) for purposes of improving its  debt maturity profile. See Note 13 for further information. In addition to the actions taken, consistent with management’ s plan, we may consider additional reinsurance or negotiated  commutations of our mortgage insurance RIF and financial guaranty net par outstanding and may pursue further opportunities  to retire or restructure our long-term debt or the issuance of securities in one or more private or public of ferings. We cannot  provide any assurance that we will be successful in pursuing any such alternatives, individually or in the aggregate, and can  provide no assurance that if such alternatives are executed that they will be suf ficient to maintain regulatory capital  requirements and holding company liquidity . See “Risks and Uncertainties” in this Note 1 below.  The GSEs and state insurance regulators impose various capital requirements on our insurance subsidiaries.  These include  risk-to-capital ratios, other risk-based capital measures and surplus requirements that potentially may limit the amount of  insurance that each of our insurance subsidiaries may write.  The GSEs and our state insurance regulators also possess  significant discretion with respect to our insurance subsidiaries.   Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in  certain states,  a minimum amount of statutory capital relative to the level of net RIF , or “risk-to-capital.”Sixteen states (the “RBC States”)  currently impose a statutory or regulatory risk-based capital requirement ( the “Statutory RBC Requirement”). The most  common Statutory RBC Requirement is that a mortgage insurer ’s risk-to-capital ratio not exceed 25 to 1. In some of the RBC  States, the Statutory RBC Requirement is that Radian Guaranty must maintain a minimum policyholder position, which is  based on both risk and surplus levels (the “MPP Requirement”). Unless an RBC State grants a waiver or other form of relief, if  a mortgage insurer is not in compliance with the Statutory RBC Requirement of such RBC State, it may be prohibited from  writing new mortgage insurance business in that state.Radian Guaranty’s domiciliary state, Pennsylvania, is not one of the  RBC States. In 2012 and 2011, the RBC States accounted for approximately 54.3% and 50.5%, respectively , of Radian  Guaranty’s total primary NIW. Radian Guaranty’s risk-to-capital ratio has improved to 20.8 to 1 as of December 31, 2012, from 21.5 to 1 as of  December 31, 2011. We intend to maintain Radian Guaranty’ s risk-to-capital below 25 to 1 throughout 2013, including, if  necessary, by making contributions to Radian Guaranty from Radian Group’ s remaining available liquidity. Based on our  current projections, in the absence of these contributions or other risk-to-capital support, we anticipate that Radian Guaranty  would exceed the 25 to 1 risk-to-capital ratio requirement during 2013. Radian Guaranty had exceeded the MPP  Requirement  in two RBC States as of December 31, 2012. Each of these RBC States has issued to Radian Guaranty a waiver of its MPP Requirement that allows Radian Guaranty to continue writing new business in these states regardless of whether the MPP Requirement has been met. One of the waivers expires at the end of 2013 and the other has no prescribed expiration date but  could be revoked at any time. Insurance Regulatory—Capital Requirements Radian Group Inc. Notes to Consolidated Financial Statements - (Continued)