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Radian Group (RDN) investor relations material
Radian Group M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Acquisition transforms the company from a U.S. mortgage insurer to a global multiline specialty insurer, expanding its addressable market by 12 times to $76 billion and enabling capital deployment across uncorrelated insurance lines.
Inigo, a Lloyd's specialty insurer, brings a high-growth, data-driven platform with strong underwriting discipline, industry-leading combined ratios, and a cultural fit with the acquirer.
The deal supports a shift to focus on specialty insurance and reinsurance, with a divestiture plan for non-core businesses to simplify the portfolio and improve ROE.
The acquired business offers complementary portfolios with no overlaps, expanding product expertise and capabilities.
Financial terms and conditions
Purchase price is $1.7 billion, funded entirely with available liquidity and excess capital, with no new equity issued and a small equity rollover for Inigo management.
Valuation is 1.5x projected 2025 tangible equity; $600 million funded via an intercompany note approved by regulators, and the remainder from holding company liquidity and revolving credit facility.
The deal is expected to close in Q1 2026, subject to regulatory approvals and closing conditions.
Synergies and expected cost savings
Divestiture of non-core businesses is projected to increase ROE by 120 basis points and reduce operating expenses by 36%.
Capital synergies expected through Inigo's increased use of low-cost funding mechanisms at Lloyd's, including letters of credit.
The combined entity will benefit from uncorrelated returns, potential reinsurance synergies, and flexibility to deploy capital across multiple insurance lines.
Synergies expected from capital stack, with no dependence on expense initiatives.
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