Radian Group Inc.

Good day and thank you for standing by. Welcome to Radian's conference call to discuss the acquisition of Inigo. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Cobell, EVP Finance. Please go ahead.

Good morning. Thank you for joining us today to discuss the announcement of our agreement to acquire Inigo. Today, you will hear from our Chief Executive Officer, Rick Thornberry, and our President and Chief Financial Officer, Sumita Pandit. We will begin the call with an overview of the strategic rationale and key financials for the transaction, as well as Radian's go-forward strategy as a global multi-line specialty insurer. Then we will open the line for Rick and Sumita to answer your questions. Before we begin, I would like to remind you that comments made during this call will include forward-looking statements. These statements are based on current expectations, estimates, projections, and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements included with the Form 8-K we filed earlier today, the risk factors in our 2024 Form 10-K, and subsequent reports filed with the SEC. Now, let me turn the call over to Rick.

Thank you, Dan, and good morning. Today marks an important milestone for Radian as we transform our company from a leading U.S. mortgage insurer to a global multiline specialty insurer. We announced that we have entered into an agreement to acquire Inigo, a highly profitable Lloyds specialty insurer for $1.7 billion. The transaction is primarily all cash and will be funded by using our available liquidity sources and excess capital without issuing new equity. Over the past several years, we have been focused on building a stronger Radian. We have strengthened our capital and liquidity position, grown our high-quality mortgage insurance portfolio, invested in our proprietary data and analytics platforms, expanded our customer base, and most importantly, built an outstanding team. As part of our ongoing commitment to long-term growth and value creation, we have spent considerable time evaluating different strategic paths, Our objective was to build on our foundation and core strengths, including our customer focus, disciplined underwriting, proprietary data science and analytics, capital management, and our talented team. Through this process, we determined that the right strategic path was to build Radian into the future as a global multi-line specialty insurer. Today's announcement is the culmination of our strategic planning as we turn our vision into action with the acquisition of Inigo. As we spent time with the Intego team, we have been very impressed by the team and the business they have built over the past five years. We are excited to partner with this group of highly experienced leaders with a strong track record of building and managing successful Lloyd's businesses. The Intego team aligns well with our core strengths and the cultural match is very strong. This makes them a natural fit that complements Radian's mortgage insurance business. By bringing our two companies together, we have a clear strategic path as a global, diversified, multi-line specialty insurance company. Sumitha will go through the details of the transaction.