MGIC Investment Corporation ("MGIC") is a provider of private

mortgage insurance Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan. Mortgage insurance can be ...

in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

. The company is headquartered in

Milwaukee, Wisconsin Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County, Wisconsin, Milwaukee County. With a population of 577,222 at th ...

. 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

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and unincorporated ...

and

Guam Guam (; ch, Guåhan ) is an organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. It is the westernmost point and territory of the United States (reckoned from the geographic cent ...

with obtaining mortgage insurance. The company's key executives are Pat Sinks (

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

), Steve Mackey (EVP

Chief Risk Officer The chief risk officer (CRO) or chief risk management officer (CRMO) or chief risk and compliance officer (CRCO) of a firm or corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and re ...

), Paula Maggio (EVP

General Counsel A general counsel, also known as chief counsel or chief legal officer (CLO), is the chief in-house lawyer for a company or a governmental department. In a company, the person holding the position typically reports directly to the CEO, and their ...

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 Lenders mortgage insurance (LMI), also known as private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses ...

and secured US$250,000 from investors, including friends and business associates, to open MGIC. In 1982, Karl sold the company to Baldwin United for $1.2 billion. In 1983 Baldwin United filed for Chapter 11 bankruptcy protection, and in 1985 MGIC was liquidated and its assets sold to

Northwestern Mutual Northwestern Mutual is an American financial services mutual organization based in Milwaukee, Wisconsin. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investm ...

for $775 million. That same year, Karl and others set up a new company with the same name. In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016. In 1995, the founder of the company, Max H. Karl, died.

Headquarters

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

Community service

MGIC supports many community organizations through donations and volunteering. They currently have programs and campaigns supporting

United Way United Way is an international network of over 1,800 local nonprofit fundraising affiliates. United Way was the largest nonprofit organization in the United States by donations from the public, prior to 2016. United Way organizations raise funds ...

Junior Achievement JA (Junior Achievement) Worldwide is a global non-profit youth organization founded in 1919 by Horace A. Moses, Theodore Vail, and Winthrop M. Crane. JA works with local businesses, schools, and organizations to deliver experiential learning ...

, United Performing Arts Fund,

Milwaukee Public Television Milwaukee PBS is the collective brand for two Public Broadcasting Service (PBS) member television stations licensed to Milwaukee, Wisconsin, United States: WMVS (channel 10) and WMVT (channel 36). Both stations are owned and operated by the Mi ...

, Habitat for Humanity, Secure Futures and many other nonprofit organizations.

Honors

Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the '' Milwaukee Journal Sentinel'' every year since 2010. In 2015, MGIC was one of the winners of the Healthiest Employers awarded by the ''

Milwaukee Business Journal American City Business Journals, Inc. (ACBJ) is an American newspaper publisher based in Charlotte, North Carolina. ACBJ publishes The Business Journals, which contains local business news for 44 markets in the United States, Hemmings Motor News ...

''. MGIC received a 2018 Platinum WELCOA Well Workplace Award.

References

External links

* Companies listed on the New York Stock Exchange Financial services companies of the United States Financial services companies established in 1957 American companies established in 1957 Real estate companies established in 1957 Real estate companies of the United States Companies based in Milwaukee Insurance companies of the United States 1957 establishments in Wisconsin 1982 mergers and acquisitions Companies that filed for Chapter 11 bankruptcy in 1983 {{US-finance-company-stub