Radian Completes Acquisition of Inigo, Becoming a Global Multi-Line Specialty Insurer

(London, 02 February, 2026): Inigo Limited (“Inigo”), underwriting through Lloyd’s of London Syndicate 1301, today announced the completion of its acquisition by Radian Group Inc. (NYSE: RDN). This milestone marks a significant moment in Inigo’s growth journey, enabling the company to accelerate its strategic ambitions as part of a global, diversified multi‑line specialty insurance group.

Richard Watson, Chief Executive Officer of Inigo said, “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.”

As part of Radian, Inigo will continue to operate as a dedicated business unit, maintaining its strong underwriting presence in London. The combination brings together Inigo’s specialty market expertise, data-driven underwriting approach and performance track record with Radian’s financial strength, risk‑management innovation, and operational scale. Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the Inigo team.

Rick Thornberry, Chief Executive Officer of Radian, said, “We are thrilled to welcome Inigo and look forward to collaborating with the team to leverage our combined expertise to create long‑term value for our customers, partners, and stockholders.” “The acquisition advances our strategic focus to grow and diversify our businesses as we expand from our established position as a leading U.S. private mortgage insurer to a global multi‑line specialty insurer.”

In September 2025, Radian announced it had entered into a definitive agreement to acquire Inigo in a primarily all-cash transaction.⁽¹⁾ The purchase price paid at closing, net of certain adjustments, was $1.67 billion. The transaction was funded by Radian’s available liquidity sources and by using excess capital from its mortgage insurance subsidiary, Radian Guaranty. 

Inigo’s estimated tangible equity at year end 2025 was $1.16 billion⁽²⁾, resulting in a net purchase price multiple of approximately 1.4 times tangible equity. The acquisition is expected to deliver mid-teens percentage accretion to Radian’s earnings per share and approximately 200 basis points accretion to return on equity in 2026. Radian expects the transaction will double its total annual revenue and provide flexibility to deploy capital across multiple insurance lines through various business cycles.

About Radian

Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

⁽¹⁾ A small portion of the purchase consideration was provided in shares of Radian to Inigo’s senior management as part of an equity rollover.
⁽²⁾ Estimate presented on a UK GAAP basis. The difference between UK and US GAAP is expected to be limited.