Radian Group Inc. · NYSE:RDN
Radian — Merger or Acquisition (September 2025)
27 slides from Radian's merger presentation, Sep 18, 2025
Slide 1: Radian to Acquire Inigo for $1.7 Billion; Creates Global Multi-Line Specialty Insurer
WORKING DRAFT AS OF 17-SEP-25 Radian to Acquire Inigo for $1.7 Billion; Creates Global Multi-Line Specialty Insurer Combining the strength of a leading U.S. mortgage insurer with a highly profitable Lloyd's specialty insurer September 18, 2025
Slide 2: Disclaimer and safe harbor statements
Disclaimer and safe harbor statements Recast Information U.K. GAAP capital, revenue and debt-to-capital ratio, as well as This presentation includes information that excludes the All financial information provided for Inigo Limited in this deployment of capital, statements regarding the planned resu
Slide 3: Radian to acquire Inigo in $1.7 billion cash transaction
Radian to acquire Inigo in $1.7 billion cash transaction Strategic ▪ Radian’s expansion into large and uncorrelated Lloyd’s market creates a diversified global specialty insurer Rationale ▪ Large scale, disciplined growth, and profitable platform that doubles Radian’s revenue ▪ Inigo’s strong underw
Slide 4: Along with the Inigo acquisition, Radian to focus exclusively on its mortgage insurance business
Along with the Inigo acquisition, Radian to focus exclusively on its mortgage insurance business and exit all other businesses ▪ Following a strategic review, Radian plans to divest its Mortgage Conduit, Title, and Real Estate Services businesses within one year ▪ Divestiture of All Other businesses
Slide 5: Inigo: a leading Lloyd's specialty insurer with $1.6 billion 2025E GWP
Inigo: a leading Lloyd’s specialty insurer with $1.6 billion 2025E GWP Overview Strong, Profitable Growth Since Inception Gross Written Premiums (GWP), $ billion ▪ Founded in 2020 by Richard Watson, Russell Merrett, and Stuart Bridges with a combined experience of 65+ years at Hiscox $ 1.6 $ 1.3 ▪ G
Slide 6: Inigo operates as a diversified global specialty insurance platform
Inigo operates as a diversified global specialty insurance platform Diversified portfolio includes 10+ lines across property, U.S. focused specialty business with room for further casualty, financial and other specialty classes international expansion Pro Retro Specialty Rata 1% 1% New Zealand Switz
Slide 7: Inigo: a transformational acquisition for Radian
Inigo: a transformational acquisition for Radian Growth 1 Opportunity Profitable and high-growth insurance platform in a large and expanding Lloyd’s specialty market Multi-line Specialty 2 Insurance Platform Transformative acquisition will create a diversified multi-line insurer with uncorrelated bu
Slide 8: Inigo represents a profitable growth opportunity in the large and attractive Lloyd's market
1 Attractive Growth Opportunity Inigo represents a profitable growth opportunity in the large and attractive Lloyd’s market Inigo has Achieved Significant Scale... ...With Room for Continued Growth Gross Written Premiums ($ billion) 2024 Lloyd's Gross Written Premium ($ billion) Beazley $ 5.9 Asta $
Slide 9: Inigo has shown disciplined growth while maintaining industry leading combined ratios
1 Attractive Growth Opportunity Inigo has shown disciplined growth while maintaining industry leading combined ratios Gross Written Premiums CAGR Average Combined Ratio '21A-'25E '23A-'25E 50% 92% 90.8 % 90.9 % 39% Peer 40% 90% median: 89.4 % 90.1% 30% 88% 20% 87.0 % 86.7 % 10% 11% 10% Peer 9% 86% 1
Slide 10: Radian's addressable market to increase 12x, providing flexibility to deploy capital
1 Attractive Growth Opportunity Radian’s addressable market to increase 12x, providing flexibility to deploy capital across multiple insurance lines through various business cycles Radian Inigo Radian + Inigo Market Share1,2 Mortgage Insurance Lloyd’s Market Share2 3% Market Share1 2% 17 % New Radia
Slide 11: Transaction doubles Radian's earned premiums with strong underwriting performance
2 Multi-line Specialty Insurance Platform Transaction doubles Radian’s earned premiums with strong underwriting performance Radian1 Radian1 + Inigo 2024 Net Earned Premiums: $939mm 2024 Net Earned Premiums: $1,896mm Specialty Insurance Mortgage Mortgage 30% Insurance Insurance 100% 50% Reinsurance 2
Slide 12: Mortgage insurance loss ratios have low correlation to Lloyd's insurers
2 Multi-line Specialty Insurance Platform Mortgage insurance loss ratios have low correlation to Lloyd’s insurers 2010-2024 Loss Ratios by Peer Group Average Loss Ratios 15 Year Correlation to 15 Year 10 Year 5 Year 3 Year US Mortgage Insurance U.S. Mortgage Insurance¹ 31 % 7% 5% (5)% NA U.S. Specia
Slide 13: Sophisticated data science and analytics capabilities are well aligned to Radian's leadership
3 Data & Analytics Focus Sophisticated data science and analytics capabilities are well aligned to Radian’s recognized leadership in mortgage analytics Radian is an Established Leader in Data and Analytics is at the Heart of Inigo Mortgage Credit Risk Analytics Significant data points captured to fe
Slide 14: Streamlined operating model that differentiates Inigo from peers
4 Scalable Operating Model Streamlined operating model that differentiates Inigo from peers “Radical Simplicity” Leading Peers in Operating Efficiency GWP Per Underwriter Expense Ratio1 ($ million)1 One 100% 36.0% Underwriting Platform Lloyd’s Focus $24 29.8% One Purpose-Built $16 Syndicate Operatin
Slide 15: Leadership team has a long and successful Lloyd's track record
5 Highly Regarded Management Team Leadership team has a long and successful Lloyd’s track record and will continue to lead Inigo post-close Key Leader Background Richard Watson ▪ 33 years at Hiscox, from Underwriter in 1986 to Chief Core Values Founder and CEO Underwriting Officer Park the Russell M
Slide 16: Financially attractive transaction with significant expected earnings and ROE accretion
6 Financially Compelling Financially attractive transaction for Radian with significant expected earnings and ROE accretion along with ongoing capital benefits ~200 bps of ROE accretion in 20261 Strategic Capital Management ✓ ROE Impact • Accretive use of excess capital • Lloyd’s operating framework
Slide 17: Transaction allows Radian to use excess capital with no new equity raised
6 Financially Compelling Transaction allows Radian to use excess capital with no new equity raised Amount Funding Sources Description 10-year note approved by Pennsylvania Insurance Funded from Radian Guaranty via an Department2 $600 million intercompany note No reduction expected in ongoing dividen
Slide 18: 20-30% EPS accretion
Acquisition to transform Radian into a global multi-line specialty insurer with attractive avenues for profitable capital deployment Positioned to deliver mid-to-high teens ROE 20-30% EPS accretion compared to reported 2024 results 18
Slide 19: Inigo: a transformational acquisition for Radian
Inigo: a transformational acquisition for Radian Growth 1 Opportunity Profitable and high-growth insurance platform in a large and expanding Lloyd’s specialty market Multi-line Specialty 2 Insurance Platform Transformative acquisition will create a diversified multi-line insurer with uncorrelated bu
Slide 20: WORKING DRAFT AS OF 17-SEP-25
WORKING DRAFT AS OF 17-SEP-25
Slide 21: Appendix A: Reconciliations of recast Radian continuing operations
Appendix A Reconciliations of recast Radian continuing operations financial measures and Inigo financial highlights 21
Slide 22: "All Other" discontinued operations recast: statements of operations
"All Other" discontinued operations recast: statements of operations (In thousands, except per-share amounts) Six Months Ended June 30, 2025 Year Ended Decem ber 31, 2024 Less: Less: Revenues As Reported Discontinued As Recast As Reported Discontinued As Recast Operations Operations Net premiums ear
Slide 23: Inigo financial highlights
Inigo financial highlights $ in millions 2022 2023 2024 Gross written premiums $802 $1,099 $1,340 Net earned premiums $514 $751 $957 Underwriting income $29 $109 $121 Net investment income $8 $46 $73 Pre-tax operating income $29 $145 $183 Net combined ratio 94% 86% 87% Equity $641 $810 $950 Intangib
Slide 24: Appendix B: Additional disclaimer and safe harbor statements
Appendix B Additional disclaimer and safe harbor statements 24
Slide 25: Additional disclaimer and safe harbor statements
Additional disclaimer and safe harbor statements Cautionary Note Regarding Forward-Looking Statements — Safe These risks and uncertainties include: the returns on our investments in residential mortgage loans and Harbor Provisions ▪ risks associated with the acquisition, including: (a) the parties’
Slide 26: Additional disclaimer and safe harbor statements (continued)
Additional disclaimer and safe harbor statements (continued) ▪ our ability to successfully execute and implement our capital plans, Insurance business or to accurately calculate and/or project our ▪ risks related to uncertain tax positions and the amount and timing of including our risk distribution
Slide 27: WORKING DRAFT AS OF 17-SEP-25
WORKING DRAFT AS OF 17-SEP-25
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