Radian Group (RDN) closed at $33.75 on October 13 and has returned roughly -4% over six months. Radian long insured mortgage lenders against homebuyer defaults, but in February it paid $1.67 billion for Inigo, a specialty insurer operating at Lloyd's of London. Revenue grew 93.50% in the latest quarter, largely from the acquisition, yet earnings fell 18.30% and the operating margin of 31.63% trails the other mortgage insurers on the list. The article argues that Lloyd's specialty risks are less tied to the housing market, but the expertise to underwrite them came with the deal rather than from inside Radian. The stock trades at 6.31 times expected next-year earnings, the lowest forward multiple among the mortgage insurers on the list, and at 0.95 times book value.
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