Radian Group Inc. has reported its results for Q1 2026, with its Specialty segment generating adjusted pre-tax operating income of $40 million, reflecting Inigo’s operations following the completion of the acquisition earlier this year.
As we’ve covered, Radian completed its $1.67 billion acquisition of Inigo, a specialty insurance group underwriting through Lloyd’s of London, back in February.
At the time, Radian noted that the acquisition would transform it from a leading U.S. private mortgage insurer into a global, diversified multi-line specialty insurer, significantly expanding its product expertise and capabilities while optimising the deployment of excess capital.
For the period following the Inigo acquisition, key drivers of Radian’s Specialty segment’s performance included total gross premiums written of $162 million and Insurance gross premiums written of $82 million.
The Specialty segment also reported Reinsurance gross premiums written of $80 million and net premiums earned of $164 million. The combined ratio of the Specialty segment in Q1 2026 was 85.3%.
Radian’s total net income from continuing operations for Q1 2026 was $129 million, compared with $152 million in Q1 2025. Pre-tax income from continuing operations fell to $174 million in Q1 2026, from $199 million a year earlier.
This decrease will come as no surprise, given Q1 2026 results included $49 million in acquisition-related expenses, amortisation of acquired intangible assets, and other purchase accounting adjustments tied to the Inigo acquisition.
With this in mind, Radian’s adjusted pretax operating income for Q1 2026 was $232 million, compared to $201 million in Q1 2025.
Radian Chief Executive Officer Rick Thornberry commented on the figures, “This quarter marks a defining milestone for Radian, our first as a global multi-line specialty insurer following the successful acquisition of Inigo.
“By uniting two world-class insurance businesses, we have created a more diversified and resilient enterprise, as reflected in our exceptional first quarter results.
“With a strong capital position, 22% year-over-year growth in adjusted diluted net operating income per share and adjusted operating return on equity increasing to 14.7% in the quarter, we are demonstrating the power of our strategy.
“We are confident in our direction, energised by the opportunities ahead, and committed to delivering long-term value for our stockholders.”
