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    Home > Finance > Radian to buy Lloyd's syndicate Inigo for $1.7 billion in specialty insurance push
    Finance

    Radian to buy Lloyd's syndicate Inigo for $1.7 billion in specialty insurance push

    Published by Global Banking & Finance Review®

    Posted on September 18, 2025

    2 min read

    Last updated: January 21, 2026

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    Tags:insuranceinvestmentacquisitionfinancial services

    Quick Summary

    Radian Group is acquiring Inigo for $1.7 billion to expand its specialty insurance market, with plans to offload non-core businesses and boost earnings by 2026.

    Table of Contents

    • Radian's Strategic Acquisition of Inigo
    • Details of the Inigo Deal
    • Impact on Radian's Business
    • Leadership and Future Plans

    Radian Acquires Inigo for $1.7 Billion to Expand Specialty Insurance

    Radian's Strategic Acquisition of Inigo

    (Reuters) - 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.

    Details of the Inigo Deal

    The company's expansion into the Lloyd's global specialty market follows a strategic review to diversify beyond its traditional mortgage insurance offerings.

    Impact on Radian's Business

    Shares of Wayne, Pennsylvania-based Radian rose 4.1% before the bell.

    Leadership and Future Plans

    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)

    Key Takeaways

    • •Radian acquires Inigo for $1.7 billion.
    • •The acquisition aims to expand Radian's specialty insurance offerings.
    • •Inigo is a Lloyd's syndicate founded in 2020.
    • •Radian plans to offload non-core businesses within a year.
    • •The deal is expected to close in Q1 2026.

    Frequently Asked Questions about Radian to buy Lloyd's syndicate Inigo for $1.7 billion in specialty insurance push

    1What is specialty insurance?

    Specialty insurance refers to coverage tailored for unique risks that are not typically covered by standard insurance policies, often involving complex or high-value assets.

    2What is an acquisition?

    An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.

    3What are gross written premiums?

    Gross written premiums are the total premiums written by an insurance company before deductions for reinsurance and other expenses.

    4What is a Lloyd's syndicate?

    A Lloyd's syndicate is a group of investors who come together to underwrite insurance policies at Lloyd's of London, sharing the risks and profits.

    5What is earnings per share (EPS)?

    Earnings per share (EPS) is a financial metric that indicates the profitability of a company, calculated by dividing net income by the number of outstanding shares.

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