Radian Group Inc filed a case against its former employee for giving trade secrets to Arch Capital Group. Radian said Rhiannon Bolen, a former regional account manager of the company, resigned on August 27. She then gave confidential information about two key customers to Arch Capital, Radian said. In a complaint filed in a Philadelphia federal court, Radian said the customers comprised nearly USD 1.5 billion of their new business this year.
Radian is a mortgage insurer. In its complaint, Radian said Arch Capital, insurer based in Bermuda, was set to enter the US mortgage market next month. It would be adding the assets it acquired in a USD 300 million deal from bankrupt insurance firm PMI Group Inc. Bolen used to work as n account manager for PMI before her 18-month stint with Radian.
Radian said in its complaint, "Radian's need for effective injunctive relief is particularly necessary in light of the job duties Bolen performed for Radian. Bolen was the primary point of contact for seventeen of Radian's most valued customers in the Southern Region."
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