Radian Group Inc. filed an 8-K on November 3, 2026, disclosing that its wholly-owned subsidiary Inigo Corporate Member Limited entered into a Fifth Amendment and Restatement Agreement on October 29, 2026, increasing its letter of credit facility from $620 million to $880 million and adding Radian Group as guarantor.

Key Highlights

  • Facility increase: Aggregate lender commitments rose from $620 million to $880 million under the Amended LOC Facility.
  • New guarantor: Radian Group Inc. was added as guarantor of ICML's obligations, replacing Inigo Limited, which was removed as guarantor.
  • Minimum term: Letters of credit will have a minimum term of four years and an expiration date no later than December 31, 2030.
  • Lloyd's support: The facility will support ICML's underwriting for the 2027 underwriting year of account and prior open years of account at Lloyd's of London.
  • Facility agent: Barclays Bank PLC serves as facility agent and security agent and trustee.
  • Financial covenants: Radian Group, as guarantor, is subject to covenants including minimum consolidated net worth and maximum Debt-to-Total Capitalization requirements.

Radian Group's ICML Subsidiary Amends and Expands Lloyd's Letter of Credit Facility

According to the filing, Inigo Corporate Member Limited ("ICML"), a wholly-owned subsidiary of Radian Group Inc. (NYSE:RDN) incorporated in England and Wales, executed the Fifth Amendment and Restatement Agreement on October 29, 2026, with Barclays Bank PLC and a syndicate of lenders. The amended facility restates the Original Facility Agreement dated November 3, 2021, which had been amended and restated on multiple prior occasions, most recently on October 30, 2025, and further amended on December 23, 2024.

The filing states that the letters of credit issued under the Amended LOC Facility will form part of ICML's funds at Lloyd's ("FAL"), which "are held in trust and available to meet the member's obligations in respect of policies written at Lloyd's." The facility became effective on October 29, 2026, and letters of credit will be available for use from that date. The filing identifies the original lenders and mandated lead arrangers as Barclays Bank PLC, National Westminster Bank PLC, ING Bank N.V. London Branch, SMBC Bank International plc, Lloyds Bank plc, ABN AMRO Bank N.V., HSBC Bank plc, and The Bank of Nova Scotia London Branch.

The filing discloses that Radian Group, as guarantor, is subject to negative and affirmative covenants, including limitations on incurring additional indebtedness, making investments, creating liens, transferring or disposing of assets, merging with or acquiring other companies, and restrictions on transactions with affiliates and dividend payments. The filing also notes that a default under the Amended LOC Facility "could trigger an event of default" under Radian Group's revolving credit facility with Royal Bank of Canada and its outstanding senior notes. The 8-K was signed by Daniel Kobell, Senior Executive Vice President and Chief Financial Officer of Radian Group Inc.

What Was Disclosed

Radian Group disclosed the amendment and restatement of ICML's letter of credit facility, increasing commitments to $880 million, adding Radian Group as guarantor, and extending coverage to the 2027 Lloyd's underwriting year with an expiration no later than December 31, 2030.