|Exchange:||New York Stock Exchange|
|Stock:||MGIC Investment Corporation|
|Industry:||Insurance - Specialty|
|MGIC Investment Corporation is a Wisconsin corporation organized in 1984. It is a holding company, which through its wholly owned subsidiary Mortgage Guaranty Insurance Corporation is a provider of private mortgage insurance in the United States. In addition to mortgage insurance on first liens, it, through its subsidiaries, provides lenders with various underwriting and other services and products related to home mortgage lending. Private mortgage insurance covers losses from homeowner defaults on residential first mortgage loans, reducing and, in some instances, eliminating the loss to the insured institution if the homeowner defaults. Through certain other non-insurance subsidiaries, it also provides various services for the mortgage finance industry, such as contract underwriting and portfolio analysis and retention. The Company's main product is primary mortgage insurance. Primary mortgage insurance might be written through the flow market channel, in which loans are insured in individual, loan-by-loan transactions. Primary mortgage insurance might also be written through the bulk market channel, in which portfolios of loans are individually insured in single, bulk transactions. Originators of residential mortgage loans such as savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers and other lenders have historically determined the placement of mortgage insurance written on a flow basis and as a result are its customers. It sells its insurance products through its own employees, located throughout all regions of the United States, Puerto Rico and Guam. The Company competes with other mortgage insurers, governmental agencies and products designed to eliminate the need to purchase private mortgage insurance. The Company and its insurance subsidiaries, including MGIC, are subject to regulation by the insurance departments of the various states in which each insurance subsidiary is licensed to do business.|
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