to record mortgage  municipal and structured finance and refinance activity. Employment grew while the unemployment rate increased. Home values improved. Corporate credit deteriorated. Market uncertainty and volatility challenged each of us. All of which set the stage for opportunity and growth at Radian — a conservative  yet bold company with the depth of resources and capital  as well as the energy and drive  to respond while ensuring confidence among our clients and business partners. Conservative  yet bold. I’ve been asked why I describe our company using this unlikely coupling of attributes. At Radian  our business model combines a conservative financial and risk management strategy with a bold approach to new products and ideas. It is this combination that has fueled our growth and helped to create a diversified platform on which we will continue to build.  In 2001  each of our business segments — financial guaranty  mortgage insurance (MI) and mortgage services — added to the strength of that diversified platform. A clear proof point is found in our fourth-quarter premium mix: 56% came from our core mortgage insurance business  while 20% resulted CHANGING THE NATURE OF RISK >4 Radian knows risk. Proven time and again in the mortgage insurance industry and now being taken into the broader credit enhancement arena. Our innate ability to assess  price and assume risk allows us to discover value in opportunities and to finance risk in unique ways. Literally  changing the nature of risk for our customers. understand > transform