Mortgage Guaranty Insurance Corporation

Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is a provider of private mortgage insurance in the United States.[1] The company is headquartered in Milwaukee, Wisconsin.

Mortgage Guaranty Insurance Corporation
Subsidiary of MGIC Investment Corporation
IndustryPrivate Mortgage Insurance
Founded1957
FounderMax H. Karl
HeadquartersMilwaukee, Wisconsin, U.S.
Websitewww.mgic.com
MGIC Investment Corporation
Traded asNYSE: MTG
Russell 1000 Index component
Founded1957 
Headquarters
Milwaukee 
Websitewww.mgic.com 

In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending. Today, MGIC serves lenders in the United States, Puerto Rico and Guam with obtaining mortgage insurance.

The company's key executives are Pat Sinks (Chief Executive Officer), Steve Mackey (EVP Chief Risk Officer), Paula Maggio (EVP General Counsel and Corporate Secretary), Tim Mattke (EVP and Chief Financial Officer), Jay Hughes (EVP Sales and Business Development), Sal Miosi (EVP Business Strategy and Operations).

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.[2]

In 1982, Karl sold the company to Baldwin United for $1.2 billion.[3][4]

In 1983 Baldwin United filed for Chapter 11 bankruptcy protection,[5] and in 1985 MGIC was liquidated and its assets sold to Northwestern Mutual for $775 million.[6] That same year, Karl and others set up a new company with the same name.[2]

In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016.[7]

In 1995, the founder of the company, Max H. Karl, died.[2]

On 6 August 2002, MGIC Investment Corporation has confirmed it has launched a public auction of its Senior Notes due in 2028. The Company has declared the launch of a tender offer (the "Tender Offer") to buy any and all of the $425 million gross principal sum of outstanding 5,750% Senior Notes due in 2023 (the "2023 Senior Notes") separately from the news release.[8]

Headquarters

MGIC's four-story headquarters is located at 250 Kilbourn Avenue in downtown Milwaukee.[9] The building was designed in an inverted pyramid shape by Fitzhug Scott-Architects, Inc. and Skidmore, Owings & Merrill and was completed in 1973.[9] The building was extensively renovated by Eppstein Uhen Architects and Hunzinger Construction in 2019.[10]

Community service

MGIC supports many community organizations through donations and volunteering. They currently have programs and campaigns supporting United Way, Junior Achievement, United Performing Arts Fund, Milwaukee Public Television, Habitat for Humanity, Secure Futures and many other nonprofit organizations.[11]

Honors

Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.[12]

In 2015, MGIC was one of the winners of the Healthiest Employers awarded by the Milwaukee Business Journal.[13] MGIC received a 2018 Platinum WELCOA Well Workplace Award.[14]

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References
  1. Plunkett, jack (2007). Plunkett's Insurance Industry Almanac 2007. Houston, Texas: Plunkett Research, Ltd. ISBN 1-59392-405-4.
  2. QUINT, MICHAEL (April 20, 1995). "Max H. Karl, 85, Pioneer in Mortgage Insurance". The New York Times.
  3. BLUMSTEIN, MICHAEL (September 15, 1983). "BALDWIN TO SELL MGIC UNIT". The New York Times.
  4. Lippman, Thomas W. (February 23, 1982). "Baldwin-MGIC Deal Approved". The Washington Post.
  5. Office of the Commissioner of Insurance (January 11, 2018). Report of the Examination of MGIC Indemnity Corporation, Milwaukee, Wisconsin As of December 31, 2016 (PDF) (Report). State of Wisconsin. p. 4. Retrieved October 15, 2018.
  6. "Baldwin To Receive $715 Million". Chicago Tribune. January 14, 1985.
  7. "MGIC Mourns Former Chairman and CEO, William Lacy" (Press release). PRNewswire. August 29, 2016.
  8. "MGIC Investment Corporation Announces Commencement of Senior Notes Offering". Cision PR Newswire. 6 August 2020. Retrieved 10 August 2020.
  9. "MGIC". Doors Open Milwaukee. Historic Milwaukee. Archived from the original on 2 November 2019. Retrieved 2 November 2019.
  10. Lesk, Sari (6 April 2019). "First look at renovated MGIC headquarters: Slideshow". Milwaukee Business Journal. Retrieved 2 November 2019.
  11. "Learn about MGIC: profile, history, community". www.mgic.com. Retrieved 2019-02-27.
  12. "Top Workplaces | MGIC Investment Corporation".
  13. "Milwaukee Business Journal names winners of Healthiest Employers Awards". www.bizjournals.com. Retrieved 2019-02-27.
  14. "2018 Well Workplace Winners". WELCOA. Retrieved 2019-02-27.


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