Lloyd’s syndicate Inigo bought by Radian for $1.7bn

Written by Michael Griffiths

19/09/2025

Lloyd’s specialty insurer, Inigo, has been bought by Radian Group in a deal worth $1.7bn.

The transaction, primarily all-cash, will be funded from Radian’s available liquidity sources and excess capital from its subsidiaries.

Inigo, launched in 2021, is among the fastest growing Lloyd’s syndicates in the market and offers data-driven specialty insurance solutions.

Radian suggested the strategic acquisition of the Lloyd’s group would mark an “important step” in its transformation from a US mortgage insurer to a global, diversified multi-line specialty insurer.

The acquisition, which has valued Inigo at 1.5 times its projected tangible equity at the end of 2025, 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.

“This is a financially compelling transaction, funded entirely from our excess capital and available liquidity sources without issuing new equity,” commented Radian CEO, Rick Thornberry.

“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.”

Inigo CEO, Richard Watson, along with chief underwriting officer, Russell Merrett, and chief financial officer, Stuart Bridges, will continue to lead the Inigo business and its management team.

Watson added: “We are delighted to have found Radian. From our first meeting, there was a clear cultural match and a shared conviction around the importance of data, and how we can use it to benefit the customers we serve.

“Our respective portfolios are very complementary, with no business overlaps. 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.”

The transaction is expected to close in the first quarter of 2026 and remains subject to regulatory approval.

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