Headquartered in Philadelphia, Pennsylvania, Radian Group Inc. is a credit enhancement company that supports homebuyers, mortgage lenders, loan servicers and investors through a suite of private mortgage insurance and related risk management products and services. Radian is traded on the New York Stock Exchange under the symbol RDN. For more than 35 years, Radian has promoted and preserved the tradition of homeownership for low- downpayment borrowers. We do this by helping to protect lenders and investors from default-related losses on residential first mortgages. Our commitment to homeownership has been built on a foundation of evaluating credit risk. Radian has two primary business segments—mortgage insurance and financial guaranty: In addition to historical information, this Annual Report, including the letter to our stockholders included in this Report, contains statements relating to events, developments or results that we expect or anticipate may occur in the future. These statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In the case of the letter to our stockholders included in this Report, the forward-looking statements are current only as of the date on which we mailed this Annual Report and, in the case of the Form 10-K, the forward-looking statements are current only as of the date on which we filed the Form 10-K. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties, including those set forth in the Risk Factors detailed in Item 1A of Part I of our 2012 Annual Report on Form 10-K (the Form 10-K), which is included as part of this Annual Report. Forward Looking Statements—Safe Harbor Provisions – Our mortgage insurance business, which is the company’s core focus, provides private mortgage insurance and risk management services to mortgage lenders. – Our financial guaranty business, which has not written new business since 2008, provides our core mortgage insurance business with important capital support. The financial guaranty business manages an insured portfolio of municipal bonds, structured finance transactions and other credit-based risks.