WAYNE, PA — Radian Group Inc. (NYSE: RDN) reported third-quarter 2025 results that reflect both steady financial performance and one of the most consequential strategic pivots in the company’s history. The mortgage insurer posted $153 million in net income from continuing operations, or $1.11 per diluted share, essentially in line with last year’s $1.09 per share. Total revenues reached $303 million, while book value per share climbed 9% year-over-year to $34.34.
Behind the stable earnings, however, Radian is preparing for a transformation that could redefine its core identity. The company is planning a $1.7 billion acquisition of Inigo, a Lloyd’s specialty insurer, and simultaneously moving to divest its Mortgage Conduit, Title, and Real Estate Services businesses—steps the company says will reposition it as a global multi-line specialty insurer.
CEO Rick Thornberry called the quarter “excellent,” pointing to the strength of Radian’s mortgage insurance portfolio and disciplined capital management. But he emphasized that the pending Inigo acquisition is expected to “significantly expand our total addressable market” and boost earnings. The company projects mid-teens percentage accretion to earnings per share and roughly 200 basis points of return-on-equity improvement in the first full year after closing.
Operationally, Radian continued to grow its insurance footprint. Primary mortgage insurance in force reached a record $281 billion, up from $274.7 billion a year ago. New insurance written totaled $15.5 billion for the quarter, reflecting both rising home prices and steady purchase-market activity. Net premiums earned came in at $237 million, and the loss ratio remained exceptionally low at 8%.
Liquidity improved as well. Radian Group held $995 million in available liquidity at quarter-end—up sharply from $784 million in the prior quarter—helped by a $200 million dividend paid up from Radian Guaranty. The firm also secured a new $500 million revolving credit facility, replacing a smaller line and extending maturity to 2030.
Still, not all segments are moving forward. The company’s discontinued businesses—now classified separately in financial reporting—posted an $11 million after-tax loss for the quarter. Radian is preparing these operations for sale as part of a broad reshaping of its portfolio.
Radian expects the Inigo acquisition to close in early 2026, pending regulatory approvals. Once finalized, the deal would nearly double annual revenue and give Radian new avenues to deploy capital across insurance cycles—an ambition the company has highlighted as a key motivation for the pivot.
For now, the third-quarter results show a company with solid mortgage-insurance fundamentals preparing to leap into a much larger, more complex global market. Whether the move will deliver the growth and diversification Radian anticipates will become clearer as the acquisition and planned divestitures progress.
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