WAYNE, PA — Radian Group Inc. (NYSE: RDN) has completed its $1.67 billion acquisition of Inigo Limited, a specialty insurance group underwriting through Lloyd’s of London, marking a transformative shift for the Pennsylvania-based insurer from a U.S. mortgage insurance leader into a global, multi-line specialty carrier.
The transaction expands Radian’s footprint beyond private mortgage insurance and significantly broadens its underwriting capabilities, product expertise and capital deployment strategy. Company leaders described the move as a milestone in diversifying revenue streams and strengthening long-term earnings growth.
“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,” said Rick Thornberry, chief executive officer of Radian. “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.”
Inigo will operate as a standalone business unit in London, maintaining its existing management structure, brand identity and culture. Inigo CEO Richard Watson, Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges will continue leading the business.
Richard Watson called the deal a pivotal step in Inigo’s evolution.
“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,” Watson said. “Radian shares our obsession with customers and our love of data.”
The purchase price, net of adjustments, was $1.67 billion. Inigo’s estimated tangible equity at the end of 2025 was $1.16 billion, equating to a net purchase price multiple of approximately 1.4 times tangible equity. Radian funded the transaction through 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 approximately 200 basis points of accretion to return on equity in 2026. Executives also project the deal will double total annual revenue and enhance flexibility to allocate capital across multiple insurance lines through varying economic cycles.
With the integration of Inigo’s specialty underwriting expertise and Lloyd’s platform, Radian positions itself as a diversified global insurer — a significant strategic pivot for a company long identified primarily with the U.S. housing market.
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