Radian to acquire Lloyd's insurer Inigo for $1.7B; plans divestiture of mortgage, title & real estate

RADIAN GROUP INC

Acquisition of Inigo for $1.7B (primarily cash) expected to close Q1 2026, subject to UK, Lloyd's and Texas regulatory approvals.
Funded from Radian's excess capital and liquidity; $600M intercompany note from Radian Guaranty at 6.5% for 10 years.
Radian to divest all 'All Other' businesses (mortgage conduit, title, real estate services) within one year; held-for-sale and discontinued ops from Q3 2025.
Inigo management (CEO Richard Watson, CUO Russell Merrett, CFO Stuart Bridges) will continue leading; equity rollover <1% of RDN stock.
Acquisition expected to be mid-teens accretive to EPS and add ~200 bps to ROE in first full year after closing.

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