Radian completes $1.67B Inigo acquisition

Radian Group Inc. said on Monday that it has completed its acquisition of Inigo Limited, a specialty insurance group underwriting through Lloyd’s of London.

Philadelphia-based Radian said the deal positions it to become a “global, diversified multi-line specialty insurer,” expanding beyond its U.S. private mortgage insurance business into global specialty insurance lines.

Inigo will operate as a standalone business unit based in London and will retain its existing management team, brand and organizational structure. Inigo CEO Richard Watson will continue to lead the business alongside chief underwriting officer Russell Merrett and chief financial officer Stuart Bridges.

“Today marks an important milestone for Radian as we expand from our established position as a leading U.S. private mortgage insurer into a global multi-line specialty insurer,” Radian CEO Rick Thornberry said in a statement.

“This acquisition advances our strategic focus to grow and diversify our business, while staying true to our core strengths in underwriting, risk management, and capital allocation. I am excited to welcome Inigo to Radian and look forward to collaborating with the team to leverage our combined expertise and create long-term value for our customers, partners and stockholders.”

Radian said the move brings together its financial strength and operational scale with Inigo’s specialty market expertise and underwriting track record as a Lloyd’s syndicate.

“This is an important part of our journey to become a world-class specialty insurance and reinsurance company, valued by its customers, its investors, and its staff. Radian shares our obsession with customers and our love of data,” Watson said. “With Radian’s complementary portfolio, aligned culture, and long-term thinking, we are better capitalized and more diversified. We thank our customers for their incredible support, now and in the future.”

Radian announced the definitive agreement to acquire Inigo in September 2025. The transaction, consisting primarily of cash, closed at a purchase price of $1.67 billion, net of adjustments.

Inigo’s estimated tangible equity at the end of 2025 was $1.16 billion, implying a purchase price multiple of about 1.4 times tangible equity.

The transaction was funded through Radian’s available liquidity and excess capital from its mortgage insurance subsidiary, Radian Guaranty.

Radian said the acquisition is expected to generate mid-teens percentage accretion to earnings per share and about 200 basis points of accretion to return on equity in 2026. The company expects the deal to roughly double its annual revenue and provide greater flexibility to deploy capital across multiple insurance lines over different market cycles.