Radian Corp. (RDN) is seeking waivers of risk-to-capital ratio requirements in 12 states to ensure the mortgage insurer can continue writing business in those areas when the company's RTC ratio edges higher. In its fall presentation to investors, company CFO Bob Quint said Radian had a 21.4:1 risk-to-capital ratio on Sept. 30. That ratio is expected to rise on mortgage insurance losses. To date, 11 states have regulations setting the risk-to-capital ratio ceiling for mortgage insurers at 25:1. Rob Haines, an analyst with CreditSights, said earlier in the year that under normal circumstances, a mortgage insurer is at the high-end in terms of risk when the risk-capital ratio hits 15-to-1: a level most of the nation's mortgage insurers have already surpassed. Overall, 16 states impose risk-based capital requirements that mortgage insurers have to meet to write new business in those jurisdictions, according to Quint's investor presentation. Fifteen of those states — with New York remaining an exception — permit waivers of the requirement. To date, Quint says three states — Illinois, Kentucky and Wisconsin — have allotted Radian waivers. Meanwhile, Quint noted the company continues to explore other sources of capitalization, including reinsurance options, commutations and investment gains. The CFO also highlighted areas of strength, noting Radian has experienced seven consecutive quarters of declining mortgage insurance delinquencies and a stabilization in credit trends. Quint's added that Radian has about $600 million of available holding company liquidity. Write to Kerri Panchuk.