Radian Group Inc., the US-listed mortgage insurance provider, has agreed to acquire London-based Inigo Limited, a specialty insurer operating within the Lloyd’s market, in a deal valued at $1.7bn.
The acquisition, which will be funded entirely from Radian’s own liquidity and excess capital, signals the company’s shift from being a pure mortgage insurer into a broader, multi-line global player.
By bringing Inigo into its fold, Radian expects to significantly broaden its expertise and make more efficient use of its capital.
According to Radian, the transaction is set to be earnings accretive, with mid-teens percentage growth to earnings per share and a 200 basis point uplift to return on equity in the first full year after closing.
The firm also anticipates that the addition of Inigo will effectively double annual revenue, providing flexibility to allocate capital across several lines of business.
Founded in 2021, Inigo has quickly become one of the fastest growing syndicates in the Lloyd’s market.
Its leadership team, made up of veterans with decades of experience at senior levels in Lloyd’s, has built the firm around data-driven, specialty insurance solutions.
The company already boasts a track record of strong underwriting results, catering to some of the world’s largest commercial and industrial enterprises.
Inigo will be valued at 1.5 times its projected tangible equity at the end of 2025. The deal is slated to close in the first quarter of 2026, pending regulatory approvals. Once complete, Inigo’s CEO Richard Watson, chief underwriting officer Russell Merrett and chief financial officer Stuart Bridges will continue to lead the business.
Radian CEO Rick Thornberry said, “Today’s announcement of the acquisition of Inigo marks an important milestone for Radian as we transform our business model from a leading U.S. mortgage insurer into a global, multi-line specialty insurer. This is a financially compelling transaction, funded entirely from our excess capital and available liquidity sources without issuing new equity. By bringing together Inigo’s strong performance with our capital strength, we are diversifying beyond our traditional mortgage insurance market and expanding into the large and attractive Lloyd’s global specialty market. Most importantly, we are excited to partner with the talented Inigo team, fueled by a shared commitment toward innovation, underwriting expertise, data science, technology and workplace culture. Together, we are well positioned to deliver even greater value to our combined stakeholders.”
Inigo CEO Richard Watson said, “We are delighted to have found Radian. From our first meeting, there was a clear cultural match and a shared conviction around the importance of data, and how we can use it to benefit the customers we serve. Our respective portfolios are very complementary, with no business overlaps. As we build bigger and deeper relationships with our customers, we welcome the further diversification and access to the stronger capital base that Radian provides.”
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