Radian Group announced it has completed its acquisition of Inigo Limited, a specialty insurance group that underwrites through Lloyd’s of London, positioning Radian to expand beyond its core U.S. private mortgage insurance franchise into a global, diversified multi-line specialty insurer.
The deal is intended to broaden Radian’s underwriting and product capabilities while improving how the company deploys what it described as excess capital.
Radian CEO Rick Thornberry called the closing “an important milestone,” saying the transaction advances the company’s strategy to grow and diversify while remaining anchored in underwriting, risk management, and capital allocation. Under the new structure, Inigo will operate as a standalone business unit in London and retain its management structure, brand identity, and culture. Inigo CEO Richard Watson, Chief Underwriting Officer Russell Merrett, and Chief Financial Officer Stuart Bridges will continue to lead the business.
Watson said the combination supports Inigo’s aim of becoming a “world-class specialty insurance and reinsurance company,” adding that Radian shares Inigo’s customer focus and “love of data.” He also said the companies will be “better capitalized and more diversified” following the transaction.
Radian said it agreed to acquire Inigo in September 2025 in a primarily all-cash transaction. The purchase price paid at closing, net of adjustments, was $1.67 billion. Radian said Inigo’s estimated tangible equity at year-end 2025 was $1.16 billion, implying a net purchase price multiple of about 1.4x tangible equity. The acquisition was funded through Radian’s liquidity sources and the use of excess capital from its mortgage insurance subsidiary, Radian Guaranty.
Financially, Radian expects the acquisition to generate mid-teens percentage accretion to earnings per share and about 200 basis points of return-on-equity accretion in 2026. The company also said the transaction is expected to double its total annual revenue and give it greater flexibility to deploy capital across multiple insurance lines through different business cycles.
KEY QUOTES:
“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. 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.”
Rick Thornberry, Chief Executive Officer, Radian Group Inc.
“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.”
“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.”
Richard Watson, Chief Executive Officer, Inigo
