Add-on Acquisition • Insurance

Radian Group Acquires Inigo

On September 18, 2025, Radian Group acquired insurance company Inigo from J.C. Flowers & Co. for 1.7B USD

Acquisition Context
  • This is Radian Group’s 3rd transaction in the Insurance sector.
  • This is Radian Group’s largest (disclosed) transaction.
  • This is Radian Group’s 1st transaction in the United Kingdom.

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M&A Deal Summary

Date September 18, 2025
Target Inigo
Sector Insurance
Buyer(s) Radian Group
Sellers(s) J.C. Flowers & Co.
Deal Type Add-on Acquisition
Deal Value 1.7B USD

Target Company

Inigo

London, United Kingdom
Inigo is an insurer operating in the Lloyd’s of London market via its managed Syndicate 1301. It is led by senior industry professionals with significant experience working in the sector. Inigo was founded in 2020 and is based in London, England.
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Buyer Overview 1

Buyer

Radian Group

Wayne, Pennsylvania, United States

Category Company
Founded 1977
Sector Insurance
Employees1,000
Revenue 1.3B USD (2024)
DESCRIPTION

Radian Group is a provider of private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. Radian Group was founded in 1977 and is based in Wayne, Pennsylvania.


Deal Context for Buyer #
Overall 6 of 6
Sector: Insurance 3 of 3
Type: Add-on Acquisition 5 of 5
Country: United Kingdom 1 of 1
Year: 2025 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 Covered Insurance Solutions

Denver, Colorado, United States

Covered Insurance Solutions, Inc. is an independent, consumer insurance agency focused on making insurance easy to understand and painless to purchase. Covered Insurance Solutions was established in 2016 and is based in Denver, Colorado.

Buy -

Seller Profile 1

SELLER

J.C. Flowers & Co.

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JC Flowers is a specialist private equity firm that targets investments in the financial services sector. JC Flowers looks for distressed opportunities in North America, Western Europe, and Asia. JC Flowers was formed in 1998 and is based in New York City with an additional office in London.


Deal Context for Seller #
Overall 21 of 22
Sector: Insurance 8 of 8
Type: Add-on Acquisition 7 of 7
Country: United Kingdom 5 of 5
Year: 2025 3 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-31 Caleas

Milan, Italy

Caleas is a corporate and SME focused insurance brokerage franchise offering a broad range of solutions for complex risks. The company also provides home and life coverage as part of its bespoke offering for private clients. Caleas was formed in 1979 and is based in Milan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-21 Island Finance

San Juan, Puerto Rico

Island Finance is a consumer-finance company based in Puerto Rico that provides personal loans and real estate-secured lending to individuals via a network of branches across the island. Island Finance was formed in 1959 and is headquartered in San Juan, Puerto Rico

Sell -