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Mortgage insurer

Radian Group

(RDN) - Get Radian Group Inc. Report

said Tuesday it has agreed to buy municipal bond insurer

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TheStreet Recommends

Enhance Financial Services Group


for about $540 million in stock.

Under the terms of the deal, Radian will exchange 0.22 Radian shares for each share of Enhance, which values Enhance at about $14.12 per share.

Philadelphia-based Radian said the deal "accelerates Radian's long-term, strategic plan to diversify across the credit enhancement spectrum."