Radian Group, a U.S.-based mortgage and specialty insurance holding company whose core heritage is private mortgage insurance and related risk, and title services, completed its acquisition of Inigo, a London-based specialty insurance and reinsurance group underwriting through Lloyd’s, for $1.67 bn, finalising a transaction first announced last year.
The M&A deal cleared all regulatory approvals before year-end and closed using existing liquidity and excess capital from Radian’s mortgage insurance subsidiary, Radian Guaranty.
The acquisition reshapes Radian’s business profile. The group moves from a US-focused private mortgage insurer into a global, multi-line specialty insurance platform with underwriting operations at Lloyd’s of London.
Management framed the deal as a way to broaden product capability while deploying surplus capital more efficiently.
Radian expects the transaction to lift earnings meaningfully.
The company projects mid-teens percentage accretion to earnings per share and roughly 200 basis points of return on equity accretion during 2026, reflecting both diversification benefits and capital optimisation.
The purchase price at closing, net of adjustments, totaled $1.67 bn. Radian funded the acquisition without external equity issuance, relying instead on internal liquidity and excess capital held within its mortgage insurance operations.
Inigo will continue operating from London as a standalone business unit within Radian. The group retains its brand, underwriting model, and senior leadership structure, maintaining continuity across its Lloyd’s platform.
Richard Watson remains chief executive officer of Inigo, alongside Russell Merrett and Stuart Bridges. The leadership team continues to run day-to-day operations and underwriting strategy.
- Rick Thornberry said the closing marks a strategic turning point for the group. He described the acquisition as a step toward diversification while preserving Radian’s focus on underwriting discipline, risk management, and capital allocation. Thornberry said the combination creates a broader platform for long-term value creation across customers, partners, and shareholders.
- Richard Watson said the transaction strengthens Inigo’s position as a global specialty insurance and reinsurance business. He said Radian’s portfolio, cultural alignment, and long-term orientation provide stronger capital backing and diversification. He added that both organisations share a strong focus on data-driven underwriting and customer outcomes.
With the transaction complete, Radian integrates a London-based specialty underwriting engine while preserving operational independence at Inigo.
According to Beinsure analysts, the structure gives Radian exposure to global specialty risk without diluting underwriting accountability, a balance many diversified insurers struggle to maintain.
