Radian to acquire Inigo
Mortgage insurer Radian Group has entered into a definitive agreement to acquire Inigo Insurance, “a highly profitable” Lloyd’s specialty insurer, for $1.7 billion in a primarily all-cash transaction. The transaction will be funded from Radian’s available liquidity sources and excess capital from its subsidiaries.
The acquisition will mark an important step in Radian’s transformation from a mortgage insurer to a global, diversified multi-line specialty insurer.
The acquisition values Inigo at 1.5 times its projected tangible equity at the end of 2025. Radian expects the transaction will double its total annual revenue, providing flexibility to deploy capital across multiple insurance lines through various business cycles.
Inigo was launched in 2021 by a leadership team with decades of experience in the Lloyd’s market including in senior roles at a large Lloyd’s insurer. The company is among the fastest growing Lloyd’s syndicates in the market while achieving attractive profitability. Inigo offers “innovative data-driven specialty insurance solutions” with a proven track record of “excellent” underwriting performance, serving some of the world’s largest commercial and industrial enterprises.
Inigo Chief Executive Officer Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the Inigo business and its entrepreneurial and dynamic management team.
“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.” – Rick Thornberry, Chief Executive Officer of Radian.
“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.” – Richard Watson, Chief Executive Officer of Inigo.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other closing conditions.
