Radian Group Inc. and Subsidiaries
Unaudited Pro Forma Condensed Combined Financial Statements

As previously announced, on September 18, 2025, Radian Group Inc., a Delaware corporation (“the Parent Company” and, together with its subsidiaries, “Radian Group” or “Radian”), and Radian US Holdings Inc., a wholly-owned subsidiary of the Parent Company (“Radian US”), entered into a share purchase deed with institutional and management shareholders of Inigo Limited, a limited liability company incorporated in England and Wales (“Inigo” and, together with its subsidiaries, “Inigo Group”) pursuant to which Radian US agreed to acquire all of the shares of Inigo.

On February 2, 2026 (the “Closing Date”), Radian consummated the acquisition of all of the shares of Inigo through Radian US. At the closing of the sale and purchase of the shares in accordance with the share purchase deed, Radian US acquired the shares for aggregate consideration of $1.67 billion in a primarily all-cash transaction.

Pursuant to Article 11 of Regulation S-X, the accompanying unaudited pro forma condensed combined financial statements combine the separate historical financial information of Radian Group and Inigo Group, after giving effect to the acquisition of Inigo by Radian US (the “Transaction”), together with the pro forma effects of certain assumptions and adjustments described in the accompanying notes to the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined balance sheet as of December 31, 2025, is presented as if the Transaction had occurred on December 31, 2025. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2025, is presented as if the Transaction had occurred on January 1, 2025.

The pro forma adjustments reflect the preliminary allocation of the purchase consideration to the identifiable assets acquired and liabilities assumed based on information available as of the date of this filing. These estimates are subject to change as additional information becomes available during the measurement period, which will not exceed twelve months following the Closing Date.

The unaudited pro forma condensed combined financial statements were derived from and should be read in conjunction with:

Inigo Group historically prepared its financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (“U.K. GAAP”) and applied accounting policies consistent with Financial Reporting Standard 102, while Radian prepares its financial statements in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). Accordingly, reclassification and conversion adjustments have been made to conform Inigo Group’s historical consolidated financial statements to U.S. GAAP and to Radian’s financial statement presentation for purposes of these unaudited pro forma condensed combined financial statements.

The preparation of the unaudited pro forma condensed combined financial statements and related adjustments required management to make certain assumptions and estimates. The pro forma financial information reflects adjustments that management believes are necessary to present fairly the combined pro forma financial position and results of operations for the periods presented. Reclassification and conversion adjustments have been made to conform Inigo Group’s historical consolidated financial statements and Radian’s financial statement presentation for purposes of these unaudited pro forma condensed combined financial statements. These adjustments are based on information available as of the date of this filing and are subject to change as additional information becomes available and analyses are completed, including, among other items, potential refinements to the intangible asset valuations and the finalization of certain tax elections, the impacts of which could be material.

The unaudited pro forma financial information is presented for illustrative purposes only and does not purport to represent what Radian’s actual consolidated results of operations or financial position would have been had the Transaction occurred on the dates assumed, nor does it project the future financial position or future results of operations of the combined company. As presented in the unaudited pro forma condensed combined financial statements, Radian expects non-recurring transaction costs to be incurred in connection with the Transaction following the Closing Date. Additionally, Radian does not anticipate material revenue synergies or dis-synergies, significant cost savings, or restructuring activities within twelve months of the Closing Date.

1. Acquisition Consideration Allocation

The Transaction is accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), with Radian Group considered the accounting acquirer. Under ASC 805, the identifiable assets acquired and liabilities assumed are recognized at their acquisition-date fair values, while transaction costs associated with the business combination are expensed as incurred. Any excess of the acquisition consideration over the fair value of the identifiable net assets acquired is recognized as goodwill.

Fair value measurements applied in the acquisition method are based on the definition of “fair value” in ASC 820, Fair Value Measurement, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements require significant judgment, and changes in assumptions, including those that market participants would use, could result in changes to the estimated fair values.

As of the date of this filing, the Company has not finalized the detailed valuation analyses necessary to determine the acquisition-date fair values of Inigo Group’s identifiable tangible and intangible assets and assumed liabilities. Accordingly, the preliminary purchase price allocation reflected in the unaudited pro forma condensed combined financial statements is based on management’s preliminary estimates derived from Inigo Group’s historical audited consolidated financial statements, preliminary valuation analyses, reviews of Inigo Group’s historical consolidated operating results, discussions with Inigo Group’s management, and other financial and operational due diligence procedures. The final purchase price allocation will be determined based on the acquisition-date fair values and will be finalized during the measurement period, which will not exceed twelve months from the Closing Date. As a result, the preliminary purchase price allocation and the related pro forma adjustments are subject to change as additional information becomes available, and such changes may be material.

The estimated fair value of consideration, or the purchase price, in the unaudited pro forma financial information is approximately $1.67 billion. This amount was derived based on the 646 thousand shares of common stock of the Parent Company issued and outstanding on the Closing Date, the closing price of Radian common stock of $32.90 per share on that day, the value of replacement equity awards issued to Inigo Group employees allocated to pre-combination service, and cash consideration of $1.65 billion.

For purposes of the pro forma financial information, the following table presents the components of the consideration.

The total acquisition consideration is allocated to Inigo Group’s tangible and identifiable intangible assets and liabilities as of December 31, 2025, based on their preliminary fair values as follows:

Approximately $591 million has been preliminarily allocated to intangible assets acquired, including net value of business acquired, of which $367 million is considered finite-lived and amortizable. The finite-lived intangible assets, excluding the net value of business acquired, are amortized on a straight-line basis over their respective estimated useful lives. The amortization related to the preliminary fair value of all finite-lived intangible assets is reflected as a pro forma adjustment to the unaudited pro forma consolidated financial statements.

The preliminary allocation to intangible assets is as follows:

VOBA, net. VOBA represents the difference between the fair value and carrying value of the acquired insurance liabilities, measured net of reinsurance, related to unearned premiums and reserve for losses and loss adjustment expenses (“LAE”). On the unaudited pro forma balance sheet VOBA assets are presented in “Deferred policy acquisition costs and value of business acquired,” while VOBA liabilities are presented in “Reserve for losses and LAE.” The net value of business acquired recognized in connection with

the acquisition is measured at fair value based on a discounted cash-flow model of the expected future revenues and expenses associated with the acquired insurance contracts. Significant assumptions used to value these intangible assets include the discount rate and expected future premiums, claims, benefits and expenses. Amortization is recognized in a manner consistent with the related insurance liabilities, with substantially all of the net balance expected to amortize within one year. On the unaudited pro forma statement of operations, VOBA asset amortization is presented in “Policy acquisition costs,” while VOBA liability amortization is presented in “Provision for losses.”

Goodwill. Goodwill represents the excess of the acquisition consideration over the preliminary fair value of the identifiable net tangible and intangible assets acquired. Among the factors that contributed to a purchase price in excess of the fair value of the identifiable net tangible and intangible assets are the skill sets, operations and synergies that can be leveraged to support the long-term growth of the combined companies. According to ASC 805, an assembled workforce does not represent the intellectual capital of this workforce; rather, it only represents an existing collection of employees. As such, it is not an identifiable asset and is therefore recognized as part of goodwill.

In accordance with ASC 350, Intangibles-Goodwill and Other, goodwill will not be amortized, but instead will be tested for impairment at least annually and whenever events or circumstances have occurred that may indicate a possible impairment. If the carrying value of goodwill exceeds its fair value, an impairment charge will be recognized in earnings in the period in which the impairment is identified.