Radian Group Inc. (NYSE:RDN) entered into a definitive agreement to acquire Inigo Limited from a group of shareholders for $1.7 billion on September 18, 2025. Under the terms of the agreement $1.7 billion will be payable in cash and a small portion of the purchase consideration will be provided in shares of Radian to Inigo?s senior management as part of an equity rollover. The consideration is subject to adjustments and will be determined based on Inigo?s tangible equity prior to close. $1.1 billion will be funded from Radian?s available liquidity sources and excess capital from its subsidiaries and $600 million will be funded from Radian guaranty Intercompany note. The acquisition values Inigo at 1.5 times its projected tangible equity at the end of 2025. The sellers in the transaction are Stone Point Capital LLC, Oak Hill Advisors, L.P., Qatar Investment Authority, Caisse de dépôt et placement du Québec, Zedra Trust Company (Guernsey) Ltd and J.C. Flowers V L.P. managed by J.C. Flowers & Co. LLC.

The acquisition is expected to deliver mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in the first full year after closing. Inigo Chief Executive Officer Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the Inigo business, its entrepreneurial and dynamic management team. Inigo will continue to operate as an independent brand, under the ownership of Radian and will be led by the existing Inigo management team.

The transaction is subject to approvals from UK Prudential Regulation Authority, UK Financial Conduct Authority and other closing conditions. Texas Department of Insurance providing its approval or non-disapproval in relation to the acquisition of control of Motion Specialty, Inc. in which Inigo holds a minority interest. The deal has been approved by the board of directors of Radian Group Inc and Inigo Limited. The transaction is expected to close in first quarter 2026. Radian Group announced that it has received all regulatory approvals required for Radian?s pending acquisition of Inigo Limited (?Inigo?), a specialty insurance group underwriting through Lloyd?s of London. Radian currently anticipates closing the transaction in February 2026, subject to the satisfaction of customary closing conditions. On December 29, 2025, Radian Group Inc. (?Radian? or the ?Company?) entered into a $600 million note (the ?Intercompany Note?) with Radian Guaranty Inc., (?RGI?) its wholly owned subsidiary. The Intercompany Note was approved by the Pennsylvania Insurance Department (the ?Department?). As a condition to receiving approval from the Department, the Company has agreed to provide certain enhanced reporting to the Department.

Goldman Sachs & Co. LLC acted as financial advisor to Radian Group Inc. Guy Carpenter & Company LLC, Investment Banking Arm acted as financial advisor to Radian Group Inc. Todd Freed and Elena M. Coyle of Skadden, Arps, Slate, Meagher & Flom LLP and George Gray, Jisun Choi, Robert A. Chaplin, Sebastian J. Barling of Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal advisor to Radian Group Inc. RBC Capital Markets, LLC acted as financial advisor to Radian Group Inc. Evercore Inc. acted as financial advisor to Inigo Limited. Ashley Prebble, Steven Fox, Sonia Gilbert, Nicola Hemsley, Alastair Windass, Faizal Khan, Alex Walker, Rebecca Trapp, Carla Lewis, Joseph Cosentino and James Cashier of Clifford Chance LLP acted as legal advisor to Inigo Limited. Andrew Jamieson, Jonathan Levitsky of Debevoise & Plimpton LLP acted as legal advisor to Goldman Sachs & Co. LLC.

Radian Group Inc. (NYSE:RDN) completed the acquisition of Inigo Limited from a group of shareholders for $1.7 billion on February 2, 2026. The purchase price paid at closing, net of certain adjustments, was $1.67 billion, resulting in a net purchase price multiple of approximately 1.4 times tangible equity. As part of Radian, Inigo will operate as a standalone business unit in London, maintaining the management structure, brand identity and culture that have positioned it as a leading Lloyd?s syndicate. The combined organization brings Radian?s financial strength, risk-management innovation, and operational scale together with Inigo?s specialty market expertise and performance track record.