Last $7.87 USD
Change Today +0.04 / 0.51%
Volume 4.0M
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As of 4:15 PM 07/30/14 All times are local (Market data is delayed by at least 15 minutes).

mgic investment corp (MTG) Snapshot

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06/24/14 - $9.50
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mgic investment corp (MTG) Details

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance coverage 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; pool insurance coverage, which covers the excess of the loss on a defaulted mortgage loan that exceeds the claim payment under the primary coverage; and bulk transactions, in which the individual loans in the insured portfolio are insured to specified levels of coverage. It also participates in risk sharing arrangements and captive mortgage reinsurance arrangements. In addition, the company provides contract underwriting and related services; and various mortgage services, such as analysis of loan originations, loan portfolios, and servicing portfolios, as well as training and mortgage lead generation. It serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. The company was founded in 1957 and is headquartered in Milwaukee, Wisconsin.

819 Employees
Last Reported Date: 02/28/14
Founded in 1957

mgic investment corp (MTG) Top Compensated Officers

Chairman, Chief Executive Officer, Chairman o...
Total Annual Compensation: $3.1M
President, Chief Operating Officer and Direct...
Total Annual Compensation: $1.6M
Executive Vice President, General Counsel, Se...
Total Annual Compensation: $1.7M
Executive Vice President of Risk Management -...
Total Annual Compensation: $1.3M
Compensation as of Fiscal Year 2013.

mgic investment corp (MTG) Key Developments

MGIC Investment Corp. Approves Amendments to Article of the Bylaws of the Company

MGIC Investment Corp. announced that on July 23, 2014, the Board approved amendments to Article IV of the Bylaws of the Company that will become effective upon Curt Culvers retirement as Chief Executive Officer of the Company. The material provisions of the amendments conform the Bylaws to the management succession principally by providing for a Chief Executive Officer position separate from the Chairman of the Board, who previously was the Chief Executive Officer.

MGIC Investment Corporation Announces Executive and Management Changes, Effective March 1, 2015

MGIC Investment Corporation announced that effective March 1, 2015, Curt S. Culver, age 62, will retire as Chief Executive Officer (CEO) and become non-executive chairman. Upon Mr. Culver's retirement, Patrick Sinks, age 57, will become CEO. Sinks has also been appointed to the board of directors. Sinks has served as President and COO since January 2006. Previously, Sinks served as Executive Vice President SHY-- Field Operations from 2002. Sinks has also served as Senior Vice President SHY-- Controller and Chief Accounting Officer, and before that held a variety of positions within the Accounting and Finance Departments.

MGIC Investment Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

MGIC Investment Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net premiums written of $213.385 million against $236.622 million a year ago. Total revenues were $231.236 million against $263.860 million a year ago. Income before tax was $46.640 million compared to $13.365 million a year ago. Net income was $45.522 million or $0.12 per diluted share against $12.375 million or $0.04 per diluted share a year ago. The quarterly financial results were driven primarily by the level of incurred losses, which totaled $141 million and lower net underwriting expenses, which totaled $34 million, offset by lower net premiums earned. For the six months, the company reported net premiums written of $431.405 million against $485.122 million a year ago. Total revenues were $466.318 million against $533.045 million a year ago. Income before tax was $107.348 million compared to loss of $58.426 million a year ago. Net income was $105.504 million or $0.27 per diluted share against net loss of $60.555 million or $0.21 per diluted share a year ago. Book value per share was $2.75 against $2.02 a year ago.


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Price/Sales 3.2x
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