RADIAN GROUP INC

Radian Group Inc. Acquires Inigo: An Early Look at Financials

1. What happened?

Radian Group Inc. recently shared financial results for a recent acquisition. On February 2, 2026, Radian bought Inigo Limited for about $250 million. Inigo is an insurance and reinsurance company. It operates Syndicate 1301 within the Lloyd's market. The Lloyd's market is a unique insurance marketplace in London. Syndicates like Inigo's underwrite specialized risks there. They cover many insurance types, from property to aviation.

On March 23, 2026, the Society of Lloyd's posted Syndicate 1301's annual financial results for 2025. Lloyd's oversees insurance businesses like Inigo's Syndicate 1301.

Here's an important note: These are not full financial results for Radian or Inigo. They cover only Syndicate 1301, one part of Inigo's business. They also use different accounting rules (UK GAAP) than Radian (US GAAP). Think of it as seeing one puzzle piece, not the whole picture.

2. When did it happen?

The news broke on Monday, March 23, 2026. The results cover the period ending December 31, 2025.

3. Why did it happen?

Why did this happen?

• Regular Reporting: Lloyd's regularly posts financial updates for its syndicates. This is part of its regulatory rules. Since Radian owns Inigo, these results are now public and relevant.
• Acquisition Context: Radian bought Inigo to expand beyond its core mortgage insurance. Buying Inigo, a specialty insurer, was a strategic move. It helps Radian enter new, growing insurance markets. This broadens its risk and revenue. Investors want to know how Inigo is performing. Radian clarifies these are not final, consolidated numbers. This is due to different accounting rules and the limited scope.

4. Why does this matter?

Why does this matter to you?

• First Glimpse, but Not the Full Story: This offers an early, partial look at Inigo's financial health. It's not complete, but it shows how a key Inigo unit performed.
• Accounting Differences: These numbers use UK accounting rules (UK GAAP). Radian uses US accounting rules (US GAAP). UK and US rules differ on how they count revenue, assets, and expenses. Comparing profit or premiums directly can be misleading. Investors must note this difference to understand Radian's finances.
• Setting Expectations: Radian is telling investors, "Here's some data, but wait for the full story." This manages expectations. It prevents misinterpretations from comparing UK GAAP results to Radian's US GAAP numbers.

5. Who is affected?

• Investors (that's you!): You now have early data on part of Radian's new acquisition. Don't overreact to these Syndicate 1301 results. They don't tell Radian's or Inigo's full story. Understanding Lloyd's syndicates and accounting differences is crucial.
• Radian's Management: Radian's management is integrating Inigo. They are preparing full financial reports under US GAAP. Releasing Syndicate 1301's results is part of this integration and transparency.
• Inigo's Business: Syndicate 1301's 2025 performance is now public. Analysts and competitors will review Inigo's overall business.

6. What happens next?

• Immediately: People will review Syndicate 1301's numbers. Hopefully, they will understand the limitations. These results are partial and use different standards.
• In the Future: The important update is coming soon! Radian will amend its previous report by April 17, 2026. This amendment will include Inigo's audited 2025 financial results. They will be prepared under US GAAP. This will be Inigo's complete financial picture. Investors should watch this for a full, comparable view.
• Ongoing Information: Radian will share future Inigo reports and information. Check their investor website (radian.com/for-investors) for updates.

7. What should investors/traders know?

What should you know as an investor?

• Don't rush to judgment on these numbers: Syndicate 1301's accounts are just one puzzle piece. They use UK GAAP, not US GAAP. These are not Inigo's or Radian's full financial picture. These results exclude Inigo's other operations. They also lack intercompany adjustments found in a full report.
• Wait for the full picture: Mark April 17, 2026, on your calendar. Radian will release Inigo's audited 2025 financial results. These will be prepared under US GAAP. These numbers will be complete and comparable. They will show Inigo's revenue, profit, and financial health. All will use Radian's accounting rules.
• Understand the "Why": Radian is being transparent, sharing information as it arrives. This is not a major financial announcement. It shows they are integrating Inigo and meeting disclosure rules.
• Check Radian's Investor Website: Check radian.com/for-investors for updates. Look for Inigo's full financial integration and performance.
• Do your own homework: This is a quick overview. Always research further before trading!