The deal will be funded from Radian’s available liquidity and excess capital from its subsidiaries.
The acquisition represents a significant step in Radian’s transformation from a mortgage insurer into a global, diversified multi-line specialty insurer. Inigo is valued at 1.5 times its projected tangible equity at the end of 2025. Radian expects the transaction to double its total annual revenue, providing greater flexibility to deploy capital across multiple insurance lines through various business cycles.
Founded in 2021 by a leadership team with decades of experience in the Lloyd’s market, Inigo has rapidly become one of the fastest-growing Lloyd’s syndicates while maintaining strong profitability. The company specializes in data-driven specialty insurance solutions and serves some of the world’s largest commercial and industrial enterprises, earning a reputation for excellent underwriting performance.
Inigo’s Chief Executive Officer Richard Watson, Chief Underwriting Officer Russell Merrett, and Chief Financial Officer Stuart Bridges will continue to lead the company, supported by its entrepreneurial and dynamic management team.
“Today’s announcement 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,” said Rick Thornberry, Chief Executive Officer of Radian. “This is a financially compelling transaction, funded entirely from our excess capital and available liquidity sources. By combining 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, sharing a commitment to innovation, underwriting expertise, data science, technology, and workplace culture. Together, we are well positioned to deliver even greater value to our stakeholders.”
Richard Watson, CEO of Inigo, added, “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 our customers. Our respective portfolios are highly complementary, with no business overlaps. As we build bigger and deeper relationships with our customers, we welcome the diversification and access to the stronger capital base that Radian provides.”
The acquisition is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions.
