Radian Group has agreed to acquire Inigo Insurance, a fast-growing Lloyd’s specialty carrier, in a $1.7 bn all-cash deal. The transaction will be funded from Radian’s existing liquidity and excess subsidiary capital, with no new equity issuance.
The acquisition signals a sharp pivot for Radian, long known as a mortgage insurer, as it moves to establish itself as a diversified, global multi-line specialty business.
Radian said the deal values Inigo at 1.5x its projected tangible equity at the end of 2025 and will roughly double annual revenue, giving the company broader flexibility to allocate capital across cycles and lines.
Inigo is a relatively young but fast-rising Lloyd’s syndicate, writing through Syndicate 1301. Founded in 2021 by a leadership team with deep Lloyd’s experience, it has become one of the fastest-growing specialty players in the market, targeting commercial and industrial risks with a data-led underwriting model.
Led by CEO Richard Watson, CUO Russell Merrett, and CFO Stuart Bridges, the management team will remain in place.
The company has built a reputation for profitable growth and for using analytics and technology to sharpen specialty placements.
Radian CEO Rick Thornberry called the acquisition a “milestone” in reshaping the company.
“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,” Rick Thornberry says.
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.
Rick Thornberry, Chief Executive Officer of Radian
“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,” added Thornberry.
Watson said the cultural fit was immediate. “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,” he said.
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
Richard Watson, Chief Executive Officer of Inigo
The deal, subject to regulatory approvals, is expected to close in the first quarter of 2026.
By the first half of 2025, the company had already delivered a profit before tax of around $116 mn with a net combined ratio of 86%, and gross written premiums projected near $1.6 bn for the year. Its model leans heavily on data-driven underwriting and specialty classes of business that require precision and scale.
The acquisition is more than a financial transaction. For Radian, it doubles expected annual revenue and provides a foothold inside Lloyd’s at a moment when specialty capacity is in demand.
For Inigo, it brings a stronger capital base and the scale to push further into international commercial and industrial risks, while preserving the entrepreneurial culture that has fueled its rapid rise.
