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Replies to post #400 on Radian Group (RDN)
Enterprising Investor
06/07/13 12:12 PM
#401 RE: Enterprising Investor #400
Often there are job or company postings in this spot. Today the opposite is true, as the industry learned that Genworth Financial will cut 400 jobs to reduce costs by up to $90 million a year. Percentage-wise this isn't huge (400 out of 5,800 employees, or 7%) and some of the cuts will be from not replacing exiting employees or not filling existing vacancies. But in general, older MI companies are seeing profits on new insurance policies offsetting legacy losses, and newer companies such as Essent or National MI not having the older book of business act as a tire tied to one's leg during a race.