Radian Group Inc. reported first-quarter 2026 results with adjusted pretax operating income of $40 million for its specialty segment, reflecting operations following the completion of the Inigo acquisition earlier this year.
As we reported, Radian in February completed its $1.67 billion acquisition of Inigo, a specialty insurance group underwritten through Lloyd’s of London.
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 optimizing the deployment of excess capital.
In the period following the acquisition of Inigo, key drivers of Radian’s Professional segment results included total written premiums of $162 million and total insurance premiums written of $82 million.
The Specialty segment also reported gross reinsurance premiums of $80 million and net premiums of $164 million. The combined ratio of the Specialty Business segment in the first quarter of 2026 was 85.3%.
Radian’s net income from continuing operations totaled $129 million in the first quarter of 2026, compared with $152 million in the first quarter of 2025. Pretax income from continuing operations fell to $174 million in the first quarter of 2026 from $199 million in the same period last year.
This decrease is not surprising given that first-quarter 2026 results included $49 million in acquisition-related charges, amortization of acquired intangible assets and other purchase accounting adjustments related to the Inigo acquisition.
With this in mind, Radian’s adjusted pre-tax operating income for the first quarter of 2026 was $232 million, compared with $201 million for the first quarter of 2025.
Commenting on the figures, Radian CEO Rick Thornberry said: “This quarter marks a decisive milestone for Radian, our first company to become a global multi-line specialty insurer following the successful acquisition of Inigo.
“By combining two world-class insurance businesses, we create a more diversified and resilient business, which is reflected in our outstanding first quarter results.
“With a strong capital position, adjusted net operating income per diluted share increased 22% year over year in the quarter and adjusted operating return on equity increased to 14.7%, we are demonstrating the power of our strategy.
“We are confident in our direction, energized by the opportunities ahead and committed to creating long-term value for our shareholders.”
