Here are 1-2 brief analogies for MGIC Investment (MTG):

• The **Travelers** or **Chubb** of mortgage default insurance.

• **Allstate** for banks' mortgage portfolios.

• Private Mortgage Insurance (PMI): This service protects lenders against financial losses when a borrower defaults on a mortgage loan, typically when the borrower has a down payment of less than 20%.

Major Customers of MGIC Investment (MTG)

• Large National Banks: These institutions originate a significant volume of residential mortgages and utilize mortgage insurance to mitigate risk for loans with lower down payments. Examples of such institutions, which are likely customers, include:
  • JPMorgan Chase & Co. (NYSE: JPM)
  • Wells Fargo & Company (NYSE: WFC)
  • Bank of America Corporation (NYSE: BAC)
• Independent Mortgage Companies: Non-depository institutions whose primary business is originating and often servicing residential mortgages. Examples of prominent independent mortgage companies that are likely customers include:
  • Rocket Companies, Inc. (NYSE: RKT) (operates Rocket Mortgage)
  • United Wholesale Mortgage (UWM) (NYSE: UWMC)
  • loanDepot, Inc. (NYSE: LDI)
• Regional Banks, Thrifts, and Credit Unions: A diverse group of smaller to medium-sized financial institutions that also originate mortgages in their respective markets. While specific public symbols for these numerous entities are not practical to list comprehensively, they form a substantial part of MGIC's customer base.

• Equifax Inc. (EFX)
• TransUnion (TRU)
• Experian plc (EXPN.L)

Timothy J. Mattke, Chief Executive Officer

Timothy J. Mattke joined MGIC in 2006. He was appointed Chief Executive Officer in 2019. Prior to this, he served as Executive Vice President and Chief Financial Officer from 2014 to 2019, and as Controller from 2009 to 2014. Before joining MGIC, Mr. Mattke was an audit manager with PricewaterhouseCoopers LLP.

Nathaniel H. Colson, Executive Vice President, Chief Financial Officer and Chief Risk Officer

Nathaniel H. Colson joined MGIC in 2014. He holds the roles of Executive Vice President, Chief Financial Officer, and Chief Risk Officer. Before his appointment as CFO, he was Vice President of Finance from January 2019 through July 2019, Assistant Treasurer from 2016 to 2019, and held various positions within MGIC's Risk Management department. Mr. Colson was a senior audit manager with PricewaterhouseCoopers LLP before joining MGIC.

Salvatore A. Miosi, President and Chief Operating Officer

Salvatore A. Miosi has been with MGIC since 1988. He currently serves as President and Chief Operating Officer. Previously, he was Executive Vice President of Business Strategies and Operations from 2017 to 2019, Senior Vice President of Business Strategies and Operations from 2015 to 2017, and Vice President of Marketing from 2004 to 2015. He also held various leadership positions in technology, sales, and marketing divisions prior to these roles.

Paula C. Maggio, Executive Vice President, General Counsel and Secretary

Paula C. Maggio joined MGIC in 2018 as Executive Vice President, General Counsel, and Secretary. Before joining MGIC, Ms. Maggio served in the same role for two years at Retail Properties of America, Inc., and held various leadership positions at Strategic Hotels & Resorts, Inc. for 15 years. Her early career included private practice with the law firm Altheimer & Gray.

Danny Garcia-Velez, Senior Vice President of Sales and Business Development

Danny Garcia-Velez joined MGIC in 2017 as a senior marketing program manager. He was appointed Senior Vice President of Sales and Business Development in 2023. Prior to joining MGIC, Mr. Garcia-Velez was the Vice President of Programs and Counseling for the Homeownership Preservation Foundation (HPF).

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MGIC Investment (MTG) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Growth in Insurance in Force (IIF) and New Insurance Written (NIW): MGIC's primary revenue stream comes from premiums on its mortgage insurance policies. Sustained growth in its "insurance in force," which reached $300.8 billion as of September 30, 2025, covering 1.1 million mortgages, is crucial. The company's ability to continue writing new insurance policies ("New Insurance Written" or NIW) and maintaining strong persistency (policies remaining on the books) will directly contribute to increasing premium revenue. While Q3 2025 NIW was $16.5 billion, slightly below the prior year, ongoing mortgage market activity and MGIC's market position are expected to fuel future originations.
2. Increased Investment Income: A significant contributor to MGIC's overall revenue is its investment income, which was reported at $62 million in the third quarter of 2025, with a portfolio book yield of 4%. Future revenue growth will be influenced by the size and yield of its investment portfolio, driven by the effective management of its "float" (premiums collected but not yet paid out as claims).
3. Market Share Expansion and Leveraging Market Leadership: MGIC is a leader in the mortgage insurance market. Opportunities exist within the broader mortgage insurance sector for the company to expand its customer base and product offerings. By leveraging its financial strength and established market position, MGIC can capture a larger share of the market, leading to increased premium volume and revenue.
4. Optimized Reinsurance Structure: Adjustments to reinsurance agreements can positively impact net premiums earned. For example, the amendment to the 2022 quota share reinsurance transaction, which will decrease the cede rate from 30% to 28% effective December 31, 2025, is expected to result in MGIC retaining a larger portion of premiums on that business. Additionally, new reinsurance transactions, such as the 40% quota share for eligible NIW in 2027, help manage capital efficiently, allowing for greater underwriting capacity and potential for revenue generation.

Share Repurchases

• In April 2025, MGIC's board of directors approved an additional share repurchase program authorizing the purchase of up to $750 million of common stock, valid through December 31, 2027.
• The company repurchased $599.5 million of common stock year-to-date through the third quarter of 2025.
• In 2024, MGIC repurchased approximately $566.6 million of its common stock.