RADIAN GROUP INC

As previously announced, in the third quarter of 2025, we entered into a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer, for $1.67 billion in a primarily all-cash transaction. Following receipt of regulatory and other required approvals, the transaction closed on February 2, 2026. Radian funded the acquisition from Radian Group’s available liquidity sources, including the Intercompany Note approved by the Pennsylvania Insurance Department. See Note 16 of Notes to Consolidated Financial Statements for more information.

This acquisition advances our strategic focus to grow and diversify. With this acquisition, Radian is expanding from a leading U.S. private mortgage insurer into a global, diversified multi-line specialty insurer.

Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd’s market, including in senior roles at a large Lloyd’s insurer. Inigo underwrites specialty insurance and reinsurance business transacted at Lloyd’s through the broker intermediary market and, through its partnerships division, collaborates with select partners to expand access to the U.S. and other international markets. Its managing agency, Inigo Managing Agent Limited, manages Syndicate 1301, the underwriting capacity and capital for which has primarily been provided by Inigo Corporate Member Limited, a Lloyd’s corporate member. These London-based operations provide Inigo with access to Lloyd’s extensive distribution network and worldwide licenses.

Inigo is among the fastest growing Lloyd’s syndicates in the market while achieving attractive profitability and offers innovative data-driven specialty insurance solutions with a proven track record of excellent underwriting performance, serving some of the world’s largest commercial and industrial enterprises. Inigo’s specialty insurance and reinsurance lines of business, including property, casualty, financial lines and other specialty lines, are chosen for the complex nature of the risks faced by the insured. Inigo invests in client relationships, including by analyzing and gathering data, to understand the risks the customers face and to work with them to manage the risk and allow them to develop their businesses with confidence.