Radian Accuses Arch Of ‘Poaching’ Key Worker

Radian Group has accused Bermuda-based Arch Capital Group Ltd. of inducing a former account manager to quit and take confidential information with her to gain a competitive edge when it enters the U.S. mortgage-guaranty business, Bloomberg has reported.

The report said that regional account manager Rhiannon Bolen resigned from Radian on Aug. 27 and later allegedly sent confidential data related to two key Radian customers to her personal e-mail, according to a complaint filed in federal court in Philadelphia. The customers accounted for almost $1.5 billion of the mortgage insurer’s new business this year, Radian claimed.

“Radian’s need for effective injunctive relief is particularly necessary in light of the job duties Bolen performed for Radian,” the company said in the filing. “Bolen was the primary point of contact for seventeen of Radian’s most valued customers in the Southern Region.”

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