MGIC Investment

#2643

Rank

$4.6B

MarketCap US

US United States

Country

Summary
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.

History

In 1957, the company was founded in Milwaukee by Max H. Karl, a real estate attorney who noticed that his clients were having trouble paying for their new homes. Karl invented modern private mortgage insurance and secured US$250,000 from investors, including friends and business associates, to open MGIC. In 1982, Karl sold the company to Baldwin United for $1.2 billion. In 1983 Baldwin United filed for Chapter 11 bankruptcy protection, and in 1985 MGIC was liquidated and its assets sold to Northwestern Mutual for $775 million. That same year, Karl and others set up a new company with the same name. In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016. In 1995, the founder of the company, Max H. Karl, died.


Mission
MGIC serves lenders whose success and profitability depend on a sound and efficient mortgage market. Our mission is to help lenders achieve success by providing a broad range of insurance and financial services that add value to their operations.

Vision
MGIC's vision is to create, maintain and promote an essential financial partner for the mortgage industry, providing ongoing, reliable insurance for more families to achieve the American dream of homeownership.

Key Team

Ms. Paula Christine Maggio (Exec. VP, Gen. Counsel & Sec.)

Mr. James Jeffrey Hughes (Exec. VP of Sales & Bus. Devel. of MGIC)

Ms. Dianna L. Higgins (Sr. VP of Investor Relations)

Ms. Annette M. Adams (Sr. VP & Chief HR Officer of MGIC)

Ms. Julie Kay Sperber (VP, Controller & Chief Accounting Officer)

Mr. Robert J. Candelmo (Sr. VP & Chief Information Officer of MGIC)

Mr. Steven Mark Thompson (Exec. VP & Chief Risk Officer of MGIC)


Recognition and Awards
Throughout its history, MGIC has earned numerous awards for its commitment to the mortgage industry. In 2020, the company earned an award from PMI for its commitment to the mortgage insurance industry. Additionally, MGIC has been recognized by industry groups such as the Property Casualty Insurers Association of America and the Insured Retirement Institute .

References
MGIC Investment
Leadership team

Mr. Timothy James Mattke (CEO & Director)

Mr. Salvatore Antonino Miosi (Pres & COO)

Mr. Nathaniel Howe Colson (Exec. VP & CFO)

Products/ Services
Financial Services, Insurance
Number of Employees
500 - 1000
Headquarters
Milwaukee, Wisconsin, United States
Established
1957
Company Registration
SEC CIK number: 0000876437
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
MTG
Social Media
Thu Feb 29 2024
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