Radian Group has finalised its purchase of Inigo, moving the US-listed insurer into international specialty markets with a presence at Lloyd’s of London.

The deal, unveiled in September 2025, was largely cash-funded and closed at $1.67bn after adjustments.

Inigo’s tangible equity at the end of 2025 was estimated at $1.16bn, indicating a valuation of around 1.4-times that figure.

Radian said the acquisition was financed through existing liquidity and surplus capital at its mortgage unit, Radian Guaranty.

Radian CEO Rick Thornberry said: “This acquisition advances our strategic focus to grow and diversify our business, while staying true to our core strengths in underwriting, risk management and capital allocation. I am excited to welcome Inigo to Radian and look forward to collaborating with the team to leverage our combined expertise and create long-term value for our customers, partners and stockholders.”

Following completion, Inigo will continue operating independently from London, keeping its management, brand and underwriting approach.

CEO Richard Watson, chief underwriting officer Russell Merrett and finance chief Stuart Bridges remain in charge.

Radian said the transaction should lift earnings per share by 13–17% in 2026 and add roughly 200 basis points to return on equity.

The company also expects the deal to double annual revenue and widen its options for allocating capital across insurance classes through varying market conditions.

The insurer added that the combination links its balance sheet strength and risk controls to Inigo’s underwriting operations at Lloyd’s, marking its shift from being a predominantly US mortgage insurer to a broader global specialty group.

Inigo CEO Richard Watson added: “This is an important part of our journey to become a world-class specialty insurance and reinsurance company, valued by its customers, its investors and its staff. Radian shares our obsession with customers and our love of data.”