Radian Group Inc., parent of bond insurer Radian Asset Assurance Inc., yesterday reported a 2009 first-quarter net loss of $217.4 million, compared to a net income of $195.6 million a year earlier.

The company attributed its losses to unrealized mark-to-market losses on derivatives and increases in mortgage insurance defaults. The unrealized losses on derivatives represented a $284.4 million pre-tax loss, and the company had provisions for losses on mortgage insurance of $322 million, with an increase in the rate of primary first-lien defaults.

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