Radian Group (RDN) said Thursday it will acquire Lloyd's specialty insurer, Inigo, for $1.7 billion in an all-cash deal, to expand its product offerings and better deploy excess capital.

The company said it would fund the purchase using its available liquidity and excess capital from its subsidiaries.

Radian said it expects the deal to roughly double its annual revenue and boost earnings per share by a mid-teens percentage, along with a 200 basis point increase in return on equity in the first full year post-close.

Inigo's CEO Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the business, the company said.

The acquisition is expected to close in Q1 2026, pending regulatory approvals.