Radian to buy Lloyd’s syndicate for $1.7 billion

(Reuters) — Radian Group said on Thursday it would buy UK-based Inigo for $1.7 billion as the U.S. mortgage insurer seeks to transform into a global multi-line specialty insurer.

The company’s expansion into the Lloyd’s global specialty market follows a strategic review to diversify beyond its traditional mortgage insurance offerings.

Specialty business of Inigo, a Lloyd’s syndicate founded in 2020, is largely U.S.-focused and is expected to generate $1.6 billion in gross written premiums this year.

“Our respective portfolios are very complementary, with no business overlaps,” said Inigo CEO Richard Watson.

Inigo underwrites multi-class specialty insurance and serves some of the world’s largest commercial and industrial enterprises.

Lloyd’s of London is a commercial insurance market providing specialist insurance services to businesses in over 200 countries and territories.

Radian plans to offload its mortgage conduit, title and real estate services businesses within one year.

The company expects the Inigo deal to deliver mid-teens percentage boost to earnings per share in full-year 2026 and double its total annual revenue.

The transaction, which is expected to close in the first quarter of 2026, values Inigo at 1.5 times its projected tangible equity at the end of 2025.

Inigo founders Watson, Russell Merrett, and Stuart Bridges will continue to lead the business.