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.
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.
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.
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.
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 .