- Companies
- Inigo
Inigo Acquisition, Valuation, Funding & Investors
Inigo was acquired by Radian Group for $1.7B in September 2025, a 1.3x multiple on $1.3B of revenue.
Inigo revenue at acquisition
$1.3B
Last twelve months · Sep 2025
Inigo revenue multiple at acquisition
1.3x
EV/Revenue · Sep 2025
Cumulative funding Inigo raised
$800M
across 1 funding round
About Inigo
Inigo is a specialist insurer based in London, United Kingdom. The company underwrites risks in commercial property, casualty, cyber, financial lines, and natural resources sectors. Inigo leverages data analytics to assess and price risks precisely, offering tailored insurance products. It also provides reinsurance capacity and advanced claims analysis services. Operating through Lloyd's of London, Inigo manages syndicates that deploy capital across global markets. The firm focuses on profitable underwriting in specialty lines amid rising cyber and climate risks.
Founded
2020
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$1.3B (Sep 2025)
Valuation
$1.7B (acquired Sep 2025)
Inigo Acquisition
Inigo was acquired by Radian Group for $1.7B on 18 September 2025.
The acquisition price implies a 1.3x revenue multiple on $1.3B of revenue.
Before the acquisition Inigo had raised $800M across 1 funding round.
Radian Group Inc., a leading U.S. mortgage insurer, completed its $1.67 billion acquisition of Inigo, a Lloyd's of London specialty insurer, on February 2, 2026. The deal, announced in September 2025, was primarily cash-funded using Radian's holding company liquidity, including a $600 million intercompany note from subsidiary Radian Guaranty at 6.50% interest, and valued Inigo at approximately 1.4 times its estimated $1.16 billion tangible equity at end-2025. Inigo operates from London, focusing on global specialty insurance lines, and will continue autonomously post-acquisition, retaining its management team led by CEO Richard Watson, brand, and underwriting approach. The strategic rationale transforms Radian from a U.S.-focused mortgage insurer into a global multi-line specialty insurer, roughly doubling annual revenue to about $2 billion in consolidated net premiums earned and expanding its addressable market 12-fold. Management projects mid-teens percentage accretion to GAAP earnings per share (13-17%) and 200 basis points to return on equity in 2026, enhancing capital allocation flexibility across insurance cycles. Radian maintained $1.8 billion in holding company liquidity as of December 31, 2025, post-deal, with leverage below 20% expected by year-end 2026 and plans to resume share repurchases in the second half. The transaction aligns Radian's balance sheet strength and risk management with Inigo's data-driven underwriting at Lloyd's, diversifying earnings beyond U.S. housing cycles amid solid 2025 performance of $1.20 billion revenue and $583 million net income. Regulatory approvals were secured, marking a milestone in Radian's expansion into international markets.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 18 Sep 2025 | Strategic M&A | $1.7B | 1.3x |
Inigo Funding History
Inigo has raised a total of $800M across 1 funding round.
Inigo funding rounds
| Date | Stage | Investors | Raised |
|---|---|---|---|
| Nov 2020 | Undisclosed stage | Stone Point Capital; J.C. Flowers & Co.; La Caisse; Qatar Investment Authority; Oak Hill Advisors; Enstar Gr | $800M |
Who has invested in Inigo?
6 investors have backed Inigo across its funding rounds, including La Caisse, Qatar Investment Authority, Stone Point Capital, J.C. Flowers & Co., Enstar Gr and Oak Hill Advisors.
Inigo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | Nov 2020 | ||
This data is available for Pro users. Sign up to see all 6 Inigo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInigo Competitors
Inigo competitors include listed companies like Qatar Insurance Group, BaoViet, Pelagos Insurance Capital and Grupo Nacional Provincial, and private ones like Nassau Financial Group and Prismic Life Reinsurance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.7B | - | ||
| Publicly listed | $2.2B | $268M | $1.7B | 0.3x | ||
| Publicly listed | $2.3B | $214M | $2B | 1.1x | ||
| Publicly listed | $2.2B | $323M | $2B | 0.6x | ||
| Publicly listed | $6.8B | $147M | $1.4B | 0.2x | ||
| Private | - | - | $2.9B | - |
Inigo Public Comps
Inigo is no longer listed, but its public comps include Grupo Assa, Nuernberger Beteiligungs, Línea Directa, Ayalon Insurance, Vivir Seguros, Qatar Insurance Group, MAPFRE Perú, Kemper, Zavarovalnica Triglav and Croatia Osiguranje.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $533M | $162M | 3.1x | - | 10.3x | - | |||
| $5.6B | $264M | 0.3x | - | 6.3x | - | |||
| $1.3B | $143M | 1.3x | 1.2x | 11.7x | 16.0x | |||
| $1.7B | $256M | 1.0x | - | 6.6x | - | |||
| $145M | $4M | 11.8x | - | 472.2x | - | |||
| $2.2B | $268M | 0.4x | 0.3x | 3.6x | - | |||
| - | - | - | - | - | - | |||
| $4.8B | $274M | 0.5x | 0.5x | 8.9x | - | |||
This data is available for Pro users. Sign up to see all Inigo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Inigo
| When was Inigo founded? | Inigo was founded in 2020. |
| Where is Inigo headquartered? | Inigo is headquartered in Bracknell, United Kingdom. |
| Is Inigo publicly listed? | No, Inigo was acquired by Radian Group in September 2025. |
| Who acquired Inigo? | Inigo was acquired by Radian Group in September 2025. |
| How much was Inigo acquired for? | Inigo was acquired for $1.7B in September 2025, a 1.3x revenue multiple. |
| How much funding has Inigo raised? | Inigo has raised $800M across 1 funding round. |
| What was Inigo's last funding round? | Inigo's last funding round was a $800M undisclosed-stage round in November 2020. |
| Who are Inigo's investors? | Inigo's investors include Stone Point Capital, J.C. Flowers & Co., La Caisse, Qatar Investment Authority, Oak Hill Advisors and Enstar Gr. |
| Which companies are comparable to Inigo? | Companies comparable to Inigo include Nassau Financial Group, Qatar Insurance Group, BaoViet, Pelagos Insurance Capital, Grupo Nacional Provincial and Prismic Life Reinsurance. |
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