MGIC Investment Corporation - Wikipedia

MGIC Funding Company – Loans

U.S. monetary providers firm

MGIC Funding Company NYSE: MTG (“MGIC”) is a supplier of personal mortgage insurance coverage in america.[1] The corporate is headquartered in Milwaukee, Wisconsin.

Along with mortgage insurance coverage, MGIC supplies lenders with numerous underwriting and different providers and merchandise associated to house mortgage lending. Right now, MGIC serves lenders in america, Puerto Rico and Guam with acquiring mortgage insurance coverage.

The corporate’s key executives are Pat Sinks (Chief Govt Officer), Steve Mackey (EVP Chief Threat Officer), Paula Maggio (EVP Common Counsel and Company Secretary), Tim Mattke (EVP and Chief Monetary Officer), Jay Hughes (EVP Gross sales and Enterprise Growth), Sal Miosi (EVP Enterprise Technique and Operations).

Historical past[edit]

In 1957, the corporate was based in Milwaukee by Max H. Karl, an actual property legal professional who observed that his shoppers had been having hassle paying for his or her new properties. Karl invented trendy personal mortgage insurance coverage and secured US$250,000 from traders, together with associates and enterprise associates, to open MGIC.[2] In 1982, Karl offered the corporate to Baldwin United for $1.2 billion.[3][4] In 1983 Baldwin United filed for Chapter 11 chapter safety,[5] and in 1985 MGIC was liquidated and its belongings offered to Northwestern Mutual for $775 million.[6] That very same 12 months, Karl and others arrange a brand new firm with the identical title.[2] In 1987, Invoice Lacy was appointed chairman and chief government officer of the corporate. Lacy died in 2016.[7] In 1995, the founding father of the corporate, Max H. Karl, died.[2]

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Headquarters[edit]

MGIC’s four-story headquarters is positioned at 250 Kilbourn Avenue in downtown Milwaukee.[8] The constructing was designed in an inverted pyramid form by Fitzhug Scott-Architects, Inc. and Skidmore, Owings & Merrill and was accomplished in 1973.[8] The constructing was extensively renovated by Eppstein Uhen Architects and Hunzinger Building in 2019.[9]

MGIC helps many group organizations by donations and volunteering. They at present have applications and campaigns supporting United Method, Junior Achievement, United Performing Arts Fund, Milwaukee Public Tv, Habitat for Humanity, Safe Futures and lots of different nonprofit organizations.[10]

Mortgage Warranty Insurance coverage Company has been named a “Prime Office” by the Milwaukee Journal Sentinel yearly since 2010.[11]

In 2015, MGIC was one of many winners of the Healthiest Employers awarded by the Milwaukee Enterprise Journal.[12] MGIC acquired a 2018 Platinum WELCOA Properly Office Award.[13]

References[edit]

  1. ^ Plunkett, jack (2007). Plunkett’s Insurance coverage Trade Almanac 2007. Houston, Texas: Plunkett Analysis, Ltd. ISBN 978-1-59392-405-8.
  2. ^ a b c QUINT, MICHAEL (April 20, 1995). “Max H. Karl, 85, Pioneer in Mortgage Insurance coverage”. The New York Instances.
  3. ^ BLUMSTEIN, MICHAEL (September 15, 1983). “BALDWIN TO SELL MGIC UNIT”. The New York Instances.
  4. ^ Lippman, Thomas W. (February 23, 1982). “Baldwin-MGIC Deal Authorized”. The Washington Publish.
  5. ^ Workplace of the Commissioner of Insurance coverage (January 11, 2018). Report of the Examination of MGIC Indemnity Company, Milwaukee, Wisconsin As of December 31, 2016 (PDF) (Report). State of Wisconsin. p. 4. Retrieved October 15, 2018.
  6. ^ “Baldwin To Obtain $715 Million”. Chicago Tribune. January 14, 1985.
  7. ^ “MGIC Mourns Former Chairman and CEO, William Lacy” (Press launch). PRNewswire. August 29, 2016.
  8. ^ a b “MGIC”. Doorways Open Milwaukee. Historic Milwaukee. Archived from the unique on 2 November 2019. Retrieved 2 November 2019.
  9. ^ Lesk, Sari (6 April 2019). “First have a look at renovated MGIC headquarters: Slideshow”. Milwaukee Enterprise Journal. Retrieved 2 November 2019.
  10. ^ “Find out about MGIC: profile, historical past, group”. www.mgic.com. Retrieved 2019-02-27.
  11. ^ “Prime Workplaces | MGIC Funding Company”.
  12. ^ “Milwaukee Enterprise Journal names winners of Healthiest Employers Awards”. www.bizjournals.com. Retrieved 2019-02-27.
  13. ^ “2018 Properly Office Winners”. WELCOA. Retrieved 2019-02-27.

Exterior hyperlinks[edit]

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