Radian Group has announced a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer based in the United Kingdom, for $1.7 billion.

The deal marks a significant shift for Radian, which is seeking to transform itself from a United States mortgage insurer into a global multi-line specialty insurance provider.

The transaction, expected to close in the first quarter of 2026, will be funded primarily with cash from Radian’s available liquidity and excess capital. Radian’s chief executive officer

Rick Thornberry described the acquisition as “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, fuelled 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”

Inigo, founded in 2020, has quickly established itself as one of the fastest-growing Lloyd’s syndicates, serving large commercial and industrial clients with multi-class specialty insurance. The company is expected to generate $1.6 billion in gross written premiums this year.

Inigo’s chief executive officer Richard Watson commented: “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”.

Radian plans to divest its mortgage conduit, title and real estate services businesses within the next year, focusing its resources on specialty insurance. The company expects the acquisition to double its annual revenue and deliver a mid-teens per cent boost to earnings per share in the first full year after closing.

Goldman Sachs and Guy Carpenter’s capital and advisory team are acting as financial advisors to Radian for the transaction. Inigo’s leadership team, including chief executive officer Richard Watson, chief underwriting officer Russell Merrett, and chief financial officer Stuart Bridges, will remain in place following the acquisition.

The deal positions Radian to compete in the global specialty insurance market, leveraging Inigo’s rapid growth and expertise in underwriting complex risks.

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