Radian Group said on Thursday it would buy UK-based Inigo for $1.7 billion as the U.S. mortgage insurer seeks to transform into a global multi-line specialty insurer.
The company’s expansion into the Lloyd’s global specialty market follows a strategic review to diversify beyond its traditional mortgage insurance offerings.
Shares of Wayne, Pennsylvania-based Radian rose 4.1% before the bell.
Specialty business of Inigo, a Lloyd’s syndicate founded in 2020, is largely U.S. focused and is expected to generate $1.6 billion in gross written premiums this year.
“Our respective portfolios are very complementary, with no business overlaps,” said Inigo CEO Richard Watson.
Inigo underwrites multi-class specialty insurance and serves some of the world’s largest commercial and industrial enterprises.
Lloyd’s of London is a commercial insurance market providing specialist insurance services to businesses in over 200 countries and territories.
Radian plans to offload its mortgage conduit, title and real estate services businesses within one year.
The company expects the Inigo deal to deliver mid-teens percentage boost to earnings per share in full-year 2026 and double its total annual revenue.
The transaction, which is expected to close in the first quarter of 2026, values Inigo at 1.5 times its projected tangible equity at the end of 2025.
Inigo founders Watson, Russell Merrett, and Stuart Bridges will continue to lead the business.
Goldman Sachs and Guy Carpenter’s capital & advisory team are financial advisors to Radian on the deal.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Leroy Leo and Sriraj Kalluvila)
Was this article valuable?
Here are more articles you may enjoy.
Hurricane Forecasts Are Missing the Mark as the Atlantic Stays Calm — So Far 
AmTrust Expands E&S Division, Spins Off Some MGAs With Blackstone 
Tesla Settles Another Fatal Crash Lawsuit Ahead of Jury Trial 
US Property Insurance Costs Hit New High as Disasters Worsen 
