Radian Group, long known as a powerhouse in U.S. mortgage insurance, is rewriting its corporate story. On Thursday, the Skadden Arps Slate Meagher & Flom LLP–advised company announced it will buy London-based specialty insurer Inigo Ltd. in a deal valued at $1.7 billion, structured as “primarily” all cash.

The blockbuster transaction signals Radian’s dramatic pivot beyond home loans into the lucrative arena of global specialty insurance, leveraging Lloyd’s of London’s vast marketplace.

From Mortgage Roots to Specialty Insurance Giant

“This acquisition marks a pivotal milestone,” Radian CEO Rick Thornberry declared. “By blending Inigo’s stellar track record with our capital strength, we move from being a leading U.S. mortgage insurer to a global multi-line specialty insurer.”

The company emphasized that the deal will more than double annual revenue, allowing Radian to redeploy excess capital strategically across different business cycles and insurance sectors.

Inigo’s Rapid Rise

Founded in 2021, Inigo has quickly become one of Lloyd’s fastest-growing syndicates, underwriting through Syndicate 1301. The firm offers data-driven specialty insurance solutions for some of the world’s largest industrial and commercial clients—ranging from energy giants to global infrastructure operators.

Inigo CEO Richard Watson said the cultural alignment with Radian was clear from the outset. “Our portfolios are complementary with no overlap,” Watson noted. “With Radian’s capital strength, we can deepen customer relationships and expand into new opportunities. This is about building something bigger and stronger.”

Watson, along with Chief Underwriting Officer Russell Merrett and CFO Stuart Bridges, will continue to lead Inigo after the acquisition.

Legal Architects Behind the Deal

Skadden’s heavyweight deal team includes M&A and financial institutions partner Todd Freed, corporate partner George Gray, tax partners Jisun Choi and Jessica Hough, insurance partners Robert Chaplin and Elena Coyle, and regulatory expert Sebastian Barling.

Counsel for Inigo has yet to be disclosed.

Closing on the Horizon

The acquisition is expected to finalize in the first quarter of 2026, pending regulatory approval and customary closing conditions. If completed, it will mark Radian’s full evolution from a mortgage insurer into a diversified global specialty powerhouse—an ambitious transformation set against the historic backdrop of Lloyd’s.