WAYNE, PA — Radian Group Inc. (NYSE: RDN) announced it has entered into a definitive agreement to acquire London-based specialty insurer Inigo Limited for up to $1.7 billion, marking a major step in its transformation from a U.S. mortgage insurer into a global multi-line specialty insurer. The deal, primarily funded with Radian’s existing liquidity and excess subsidiary capital, is expected to close in the first quarter of 2026 pending regulatory approvals.
The acquisition values Inigo at 1.5 times projected tangible equity at the end of 2025. Radian projects mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in the first full year after closing. The company also expects the transaction to double annual revenue, broadening its capital allocation flexibility across diverse insurance lines.
Founded in 2021 by a leadership team with decades of Lloyd’s market experience, Inigo has become one of the fastest-growing syndicates in London, delivering strong profitability and specializing in data-driven specialty insurance solutions for global commercial and industrial clients. Its senior leadership team, including CEO Richard Watson, CUO Russell Merrett, and CFO Stuart Bridges, will remain in place following the acquisition.
“Today’s announcement marks an important milestone for Radian as we transform our business model into a global, multi-line specialty insurer,” said Radian CEO Rick Thornberry. “By bringing together Inigo’s strong performance with our capital strength, we are diversifying beyond our traditional mortgage insurance market and expanding into the Lloyd’s global specialty market.”
Watson described the partnership as a cultural and strategic match. “Our respective portfolios are very complementary, with no business overlaps,” he said. “We welcome the diversification and stronger capital base that Radian provides.”
As part of its strategic overhaul, Radian also announced plans to divest all businesses in its “All Other” segment—including Mortgage Conduit, Title, and Real Estate Services—by the third quarter of 2026. Those operations will be reported as discontinued beginning with the September 30, 2025, quarter.
Thornberry said the divestitures would simplify Radian’s business and sharpen its focus on specialty insurance, while allowing the spun-off units to pursue growth independently.
The combined strategy positions Radian to leverage its capital strength in specialty markets while exiting non-core operations, signaling a decisive pivot away from its legacy as a mortgage insurer.
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