"This is 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, Rick Thornberry, CEO of Radian, said in a statement."
"We are delighted to have found Radian. Our respective portfolios are very complementary, with no business overlaps, Watson said in a statement. 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 agreed to acquire Lloyd's syndicate Inigo for $1.7 billion in an all-cash transaction funded from available liquidity and excess subsidiary capital. The price values Inigo at 1.5 times projected tangible equity at year-end and the acquisition is expected to double Radian's total annual revenue. Launched in 2021, Inigo serves commercial and industrial enterprises worldwide and is among Lloyd's fastest-growing syndicates. The deal supports Radian's transformation from a domestic mortgage insurer to a global multi-line specialty insurer. Inigo's senior management will remain in place. The transaction is subject to regulatory approval and expected to close in Q1 2026.
Read at www.housingwire.com
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