Radian completes $1.67B acquisition of Inigo, expects mid-teens EPS accretion in 2026

RADIAN GROUP INC

Acquired Inigo for $1.67B net consideration; funded via liquidity and excess capital from mortgage subsidiary.
Inigo's estimated tangible equity at year-end 2025 was $1.16B; net purchase price ~1.4x tangible equity.
Expects mid-teens % EPS accretion and ~200 bps ROE accretion in 2026; revenue expected to double.
Inigo operates as standalone London unit; CEO Richard Watson and team continue to lead.
Some Inigo management received stock consideration (15-25% of gross) and $25M retention awards vesting over 2 years.

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