MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, Puerto Rico, and Guam. The company offers primary mortgage insurance 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. It also provides contract underwriting services, as well as reinsurance. The company serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. MGIC Investment Corporation was founded in 1957 and is headquartered in Milwaukee, Wisconsin.
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Here are 1-2 brief analogies for MGIC Investment (MTG):
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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%.
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Major Customers of MGIC Investment (MTG)
MGIC Investment Corporation (symbol: MTG) is a leading provider of private mortgage insurance in the United States. The company sells its services primarily to **other companies**, specifically **mortgage lenders**.
Due to the competitive and fragmented nature of the mortgage industry, MGIC Investment does not publicly disclose specific "major customers" that represent a significant portion of its revenue (typically, no single customer accounts for more than 10% of total revenue, which would trigger disclosure requirements). However, its customer base consists of a wide array of mortgage lenders across the United States. These include:
- 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.
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- Equifax Inc. (EFX)
- TransUnion (TRU)
- Experian plc (EXPN.L)
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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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The key risks to MGIC Investment (MTG) are primarily linked to the cyclical nature of the housing market and broader economic conditions, intense competition, and regulatory compliance.
- Economic Uncertainty and Housing Market Volatility: MGIC's business is highly sensitive to economic downturns and fluctuations in the housing market. Factors such as rising unemployment rates, declining home prices, or an increase in mortgage delinquencies can significantly impact the demand for mortgage insurance and lead to higher claim payouts, directly affecting MGIC's financial results. The company's revenue is heavily tied to mortgage originations and the overall health of the housing market.
- Competitive Pressure: The mortgage insurance industry is highly competitive, with several players vying for market share. This intense price competition from rivals, along with the availability of alternative solutions to mortgage insurance, poses a challenge to MGIC's market share and revenue growth.
- Regulatory and Compliance Risks: As a mortgage insurer, MGIC is subject to stringent regulatory requirements that can impose limitations on its operations and financial flexibility. Significant changes in the regulatory environment, such as potential adjustments to insurance regulations, could adversely affect the company's business model and profitability.
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MGIC Investment Corporation (MTG) primarily operates in the private mortgage insurance (PMI) sector within the United States, including the District of Columbia, Puerto Rico, and Guam. Its main product is private mortgage insurance, which protects lenders against financial losses if a borrower defaults on a mortgage, typically for homebuyers with less than a 20% down payment.
The addressable market for MGIC Investment's main products and services in the U.S. can be sized by the volume of new insurance written (NIW) and the total insurance in force.
* **New Insurance Written (NIW) / Mortgage Originations Supported by Private Mortgage Insurance (U.S. Region):**
* In 2023, the total value of mortgage originations supported by private mortgage insurance was approximately $283 billion.
* In 2024, the private mortgage insurance industry supported nearly $300 billion in mortgage originations. The total new insurance written (NIW) for the industry was estimated at $300 billion.
* A similarly attractive environment, or a slightly larger market, is anticipated for 2025.
* **Total Private Mortgage Insurance in Force (U.S. Region):**
* As of the end of 2023, the private mortgage insurance industry insured nearly $1.6 trillion of mortgages.
* By year-end 2024, approximately $1.4 trillion of Fannie Mae and Freddie Mac's portfolios were covered by mortgage insurance, which represents a significant portion of the overall private mortgage insurance in force.
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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:
- 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.
- 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).
- 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.
- 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.
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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.
