Company Information
About MGIC Investment Corporation
270 E. Kilbourn Avenue, Milwaukee, WI 53202
1-800-558-9900
www.mgic.com
MGIC is the principal subsidiary of MGIC Investment Corporation. We founded modern private mortgage insurance (PMI) in 1957, and remain the industry's premier provider today. We serve lenders in the United States, Puerto Rico and other locations, and help families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. Over the years, we’ve proven that private capital plays a vital role in the housing industry.
MGIC’s products, services and experience help make homeownership attainable and sustainable for borrowers – especially first-time and low- to moderate-income borrowers – and originating high-LTV loans safer for the financial institutions we serve.
We provide a critical component of our country’s residential mortgage finance system by reducing, and in some cases eliminating, credit losses for mortgage investors. The mortgage insurance we provide also benefits consumers by helping them achieve homeownership sooner with low-down-payment loans.
Our strength comes from our history, leadership and co-worker commitment to providing quality products and customer service.
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Trading symbol |
MTG on New York Stock Exchange (NYSE) |
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Company website |
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Investor website |
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Industry website |
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Investor relations contact |
Dianna Higgins, Senior Vice President Investor Relations |
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Press releases |
Read our latest at mtg.mgic.com/press-releases |
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Corporate Sustainability Report |
Read the 2023 Report |
Strength Ratings
Mortgage Guaranty Insurance Corporation (MGIC)
| Agency | Rating | Outlook | Affirmed |
|---|---|---|---|
| AM Best | A- | Positive | 09/15/2023 |
| Moody's | A3 | Positive | 03/27/2024 |
| Standard and Poor's | A- | Stable | 01/08/2024 |
Mortgage Indemnity Corporation (MIC)
| Agency | Rating | Outlook | Affirmed |
|---|---|---|---|
| AM Best | A- | Positive | 09/15/2023 |
| Moody's | A3 | Positive | 03/27/2024 |
| Standard and Poor's | A- | Stable | 01/08/2024 |
Credit Ratings
MGIC Investment Corporation (MTG)
Senior Unsecured Debt Ratings
| Agency | Rating | Outlook | Affirmed |
|---|---|---|---|
| Moody's | Baa3 | Positive | 03/27/2024 |
| Standard and Poor's | BBB- | Stable | 01/08/2024 |
Analysts
| Agency | Analyst | Phone |
|---|---|---|
| Moody's | Robert Garofalo | 212-553-4663 |
| Standard and Poor's | Michael Zimmerman | 303-721-4575 |
History
Pioneering an entire industry
MGIC was originally formed in 1957 by Milwaukee real estate attorney Max Karl, who was frustrated with the process of closing loans with 100% government guarantees. He believed there had to be a better way. He took his idea of having a private company insure only the top portion of a mortgage to a group of investors, along with his family and friends (even his barber!), who contributed $250,000 in capital. With that, he established MGIC to provide an innovative, affordable alternative for families wanting to buy a home with less than a 20 percent down payment.
With a focus on sustainable homeownership, MGIC provides a critical component of our country's residential mortgage finance system by protecting mortgage investors from credit losses.
Learn more about MGIC.
The adoption of PMI
Between the time of the Great Depression and the creation of MGIC in Wisconsin in 1957 the US government was the sole provider of mortgage insurance, initially through the newly created Federal Home Loan Corporation that became the Federal Housing Administration (FHA), and later through the Department of Veterans Affairs’ mortgage guaranty program for World War II veterans.
The founding of MGIC is a significant milestone because it marks the birth of the modern PMI industry. The creation of MGIC was motivated in part by founder Max Karl’s desire to offer lenders an alternative to FHA insurance. Rising home prices and growing demand for larger homes after WWII (as well as the FHA’s cumbersome processes, loan limits, and restrictions on interest rates) made obtaining FHA mortgage insurance time-consuming for lenders and expensive for borrowers. This led lenders to seek alternatives to FHA insurance.
The success of MGIC, and the demand for non-FHA insurance, was so robust that by the early 1970s, all 50 states had passed legislation to allow PMI.
Looking for more industry history? Download Sixty Years of Private Mortgage Insurance in the United States published by the Urban Institute, 2017.
Timeline milestones
1957: Max Karl founds MGIC (Mortgage Guaranty Insurance Corp.).
1961: Karl takes MGIC public.
1971: The company introduces American Municipal Bond Insurance Corp. (AMBAC), subsequently sold in 1985.
1974: Karl becomes Chairman of MGIC, and Gerald Friedman assumes charge of operations.
1981: Baldwin-United Corp. buys MGIC.
1984: Baldwin-United files for Chapter 11 bankruptcy, but MGIC remains in compliance with all insurance capital requirements.
1985: Northwestern Mutual Life Insurance Company makes a $250 million investment, along with existing MGIC management, and founds the "new" MGIC.
1987: Bill Lacy becomes CEO.
1990: Max Karl retires.
1991: MGIC Investment Corp. becomes a publicly traded company.
1996: Curt Culver becomes CEO.
2007: MGIC celebrates 50th anniversary.
2008: MGIC continues to write new insurance throughout the entire Great Financial Crisis (the “Great Recession”).
2015: Pat Sinks becomes CEO.
2019 Tim Mattke becomes CEO.
2019: MGIC launches risk-based pricing platform, MiQ.
2022: MGIC celebrates 65th anniversary.
Careers
MGIC is an equal opportunity employer.
Our home office is in Milwaukee, WI with regional positions listed as they are available.