Radian Group Inc.'s board has renewed the company's share repurchase program.

The authorization allows the company to repurchase up to $50 million in common shares from time to time, based on market and business conditions, stock price and other factors. It is effective immediately and expires July 31, 2018.

The previous share repurchase program expired June 30. Shares may be purchased in the open market or in privately negotiated transactions.

Radian plans to use a Rule 10b5-1 plan, which would allow it to purchase shares at predetermined price targets, when it may otherwise not be allowed to do so.