More than 7 percent of Radian Group Inc.’s employees are being laid off in a strategic move that includes the ouster of a senior executive.
The Philadelphia-based firm had a $1.8 billion loss last year, though it swung to a $0.2 billion profit during the first-half 2011.
But despite the apparent turnaround, the mortgage insurer took some drastic measures today.
Radian said in a Securities and Exchange filing Wednesday that it reduced its workforce by 7 percent on Monday.
The company, which had $125.1 billion in direct primary insurance in force as of June 30, reports its staff at more than 800 employees. That works out to around 56 people who were let go.
The filing also noted that Robert H. Griffith, executive vice president and chief operating officer of Radian Guaranty Inc., was shown the door.
A previously disclosed severance agreement governs obligations following the termination subject to Griffith’s execution of a general release of claims. It also provides for certain post-termination payments and other benefits.
