MGIC INVESTMENT CORP

MGIC Investment Corporation (NYSE: MTG) is a holding company that provides private mortgage insurance and related mortgage credit risk management solutions through its wholly-owned subsidiaries, primarily Mortgage Guaranty Insurance Corporation. The company established the modern private mortgage insurance industry in 1957 and operates as a critical component of the residential housing finance system by enabling low down payment mortgage lending.

The company's core business centers on primary mortgage insurance, which protects lenders against losses from homeowner defaults on residential mortgage loans. Primary insurance covers a percentage of unpaid loan principal, delinquent interest, and expenses associated with default and foreclosure. MGIC also provides credit risk transfer programs in connection with government-sponsored enterprises' credit risk transfer initiatives and offers ancillary mortgage credit risk management services. The company's insurance subsidiary is licensed in all 50 states, the District of Columbia, Puerto Rico, and Guam.

As of December 31, 2025, MGIC maintained direct primary insurance in force of $303.1 billion and direct primary risk in force of $81.2 billion. During 2025, the company wrote $60.2 billion in new insurance written. The company generated total revenues of $1.2 billion in 2025 and serves mortgage originators including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. The largest customer accounted for approximately 11 percent of direct earned premiums.

MGIC's competitive position is defined by its relationships with Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase the majority of mortgages underlying new insurance written by private mortgage insurers. The company competes with other private mortgage insurers, government-backed programs including the Federal Housing Administration and Veterans Administration, and alternative credit enhancement methods. The company maintains a 19.4 percent market share as measured by new insurance written and operates within a highly regulated environment governed by state insurance departments and the Private Mortgage Insurer Eligibility Requirements established by the GSEs.