MGIC Investment Corporation

What MGIC Investment Corporation does

MGIC Investment Corporation (NYSE: MTG), founded in 1957 in Milwaukee, Wisconsin, is the publicly traded holding company of Mortgage Guaranty Insurance Corporation (MGIC), the originator of modern private mortgage insurance in the United States. The company provides private mortgage insurance (PMI) that protects mortgage lenders and investors from credit losses on low-down-payment residential mortgages — typically those with loan-to-value ratios above 80% — thereby enabling borrowers to qualify for financing without a 20% down payment. MGIC operates exclusively within the U.S. residential mortgage finance system, including Puerto Rico, and sells to a B2B customer base of banks, credit unions, and independent mortgage bankers whose loans are, in the substantial majority of cases, purchased by the government-sponsored enterprises Fannie Mae and Freddie Mac.

The company's product portfolio is anchored by its private mortgage insurance policies, which generate recurring premium income as long as the underlying loans remain in force. Layered on top of this is MiQ, a risk-based pricing platform launched in 2019 that enables more granular, borrower-level pricing based on credit profile, LTV, debt-to-income, property type, and loan size. In October 2025, MGIC became the first mortgage insurance provider to self-manage its own functionality within ICE's Encompass Partner Connect platform, embedding its services directly into the dominant U.S. mortgage origination technology stack. The company also utilizes quota share and excess-of-loss reinsurance arrangements to manage underwriting risk and optimize capital efficiency under the PMIERs framework.

MGIC earns revenue primarily through net premiums earned (recurring monthly, annual, or single-premium payments), supplemented by net investment income from its $5.7 billion investment portfolio of policyholder float and capital. The company reported total revenue of $1,213.6 million for full-year 2025, with $235.4 million in Q1 2026 net premiums earned. Insurance in force stood at $302.7 billion across approximately 1.1 million insured mortgages as of Q1 2026. Capital management is a central feature of the operating model: MGIC carried $5.8 billion in PMIERs available assets with $2.9 billion of regulatory excess and returned $915 million to shareholders in 2025 through dividends and buybacks. The business is led by CEO Timothy Mattke (since 2019) and President/COO Sal Miosi, with a senior team that includes executives drawn from PricewaterhouseCoopers, Milliman, and other financial services and technology firms.

Name

MGIC Investment Corporation

Legal name

MGIC Investment Corporation

Website

https://mtg.mgic.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MGIC Investment Corporation, founded in 1957 and headquartered in Milwaukee, is the parent company of Mortgage Guaranty Insurance Corporation, providing private mortgage insurance that protects U.S. mortgage lenders and investors from credit losses on low-down-payment residential mortgages.

Ownership category

akta.pro rank

Product category

Mortgage Insurance

NAICS

Finance and Insurance (52)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Private Mortgage Insurance (PMI) — Borrower-Paid (BPMI) (FSALAJAA)

akta.pro secondary industry

Private Mortgage Insurance (PMI) — Lender-Paid (LPMI) (FSALAJAB)

Keywords

• Private mortgage insurance
• Mortgage credit insurance
• Risk-based pricing
• Mortgage lender services
• Low down payment financing

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Mortgage Insurance Premiums: MGIC generates revenue primarily through premiums charged for mortgage insurance coverage. Premiums can be paid monthly, annually, or as single upfront premiums. The company had net premiums earned of $235.4 million in Q1 2026 and $236.0 million in Q4 2025. Premium income is recurring as long as policies remain in force.
2. Net Investment Income: Investment income from the company's investment portfolio of $5.7 billion in investments as of Q1 2026. This provides additional revenue stream from invested premiums and capital.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels9 records

Core offering

MGIC Investment Corporation, through its principal subsidiary Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance that protects mortgage investors from credit losses on low-down-payment residential mortgages. The company also offers MiQ, a risk-based pricing platform that customizes premium rates based on borrower and loan risk profiles, and sells reinsurance-adjacent products through quota share and excess-of-loss arrangements with unaffiliated reinsurers.

Product overview

MGIC Investment Corporation operates primarily through its principal subsidiary Mortgage Guaranty Insurance Corporation (MGIC), offering private mortgage insurance products and services that protect mortgage investors from credit losses. The company's core offering is private mortgage insurance (PMI), which enables borrowers to achieve homeownership with low down payments. MGIC also offers the MiQ risk-based pricing platform for risk-based pricing customization. The company serves lenders throughout the United States, Puerto Rico and other locations, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Mortgage Insurance (PMI) Private mortgage insurance that protects mortgage lenders and investors from credit losses on low-down-payment residential mortgages, enabling borrowers to qualify for mortgages with down payments of less than 20%. It is sold to mortgage lenders and GSEs, with premiums paid monthly, annually, or as single upfront premiums.
• MiQ Risk-Based Pricing Platform Proprietary risk-based pricing platform that allows MGIC to offer customized insurance premium pricing based on individual borrower risk profiles, including credit score, loan-to-value ratio, debt-to-income ratio, property type, and loan size. Used internally for underwriting and pricing decisions on mortgage insurance policies.

Quantifiable outcome

• 41% increase in new insurance written year-over-year in Q1 2026
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Intercontinental Exchange (ICE)coreTechnology or Integration · 27 October 2025MGIC announced enhanced capabilities within ICE Encompass Partner Connect platform, becoming the first to manage its own functionality within the platform. This allows MGIC to deliver faster updates and solutions to lenders using the ICE mortgage technology ecosystem.
• Fannie MaecoreStrategic or Co-development PartnerMGIC operates within the GSE ecosystem backed by Fannie Mae. The substantial majority of MGIC's new insurance written is for loans purchased by Fannie Mae. MGIC helps lenders meet Fannie Mae's credit enhancement requirements for low-down-payment mortgages.
• Freddie MaccoreStrategic or Co-development PartnerMGIC operates within the GSE ecosystem backed by Freddie Mac. The substantial majority of MGIC's new insurance written is for loans purchased by Freddie Mac. MGIC helps lenders meet Freddie Mac's credit enhancement requirements for low-down-payment mortgages.
• Unaffiliated Reinsurers (Quota Share)coreOthersMGIC has quota share reinsurance transactions with unaffiliated reinsurers covering eligible new insurance written. In Q4 2025, a 40% quota share reinsurance transaction was executed covering eligible NIW in 2027. Approximately 86% of NIW is subject to quota share reinsurance.
• Unaffiliated Reinsurers (Excess of Loss)coreOthersMGIC executes excess-of-loss reinsurance transactions. In Q4 2025, a traditional excess of loss reinsurance transaction effective December 1, 2025 provided $250 million of reinsurance coverage on NIW from 2021. An insurance linked note transaction in January 2026 executed a $324 million excess of loss reinsurance agreement covering certain policies written between January 1, 2022 and March 31, 2025.
• Habitat for HumanityminorStrategic or Co-development PartnerMGIC partners with Habitat for Humanity as part of its corporate sustainability initiatives, reinforcing shared commitment to homeownership access for all.
• Acts HousingminorStrategic or Co-development PartnerMGIC partners with Acts Housing as part of its corporate sustainability initiatives, opening corporate office doors to key nonprofit partners to support homeownership access.

Scale indicators21 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Radian Group Inc. Radian is a pure-play US private mortgage insurance company that competes head-to-head with MGIC for the same GSE-eligible lender business. Similar business model (BPMI/LPMI on US residential mortgages), customer base (US mortgage lenders), and regulatory regime (PMIERs) make it the closest comparable.
• Essent Group Ltd. Essent is a direct private mortgage insurance competitor writing on US residential mortgages, with the same GSE-aligned business model, customer set (banks, credit unions, IMBs), and PMIERs capital framework as MGIC.
• Enact Holdings, Inc. Enact (formerly Genworth Mortgage Insurance) is a US private mortgage insurance company with a virtually identical product set, lender customer base, and GSE-aligned regulatory regime as MGIC. Direct competitor on US residential mortgage credit risk transfer.
• Arch Capital Group Ltd. (Arch MI): Arch MI is the private mortgage insurance subsidiary of Arch Capital Group, providing direct competition to MGIC in US residential MI. Same product (PMI on US mortgages), same lender customer base, and overlapping capital and reinsurance frameworks.
• NMI Holdings, Inc. (National MI): NMI Holdings is a US private mortgage insurer offering essentially the same product suite as MGIC to the same lender customer base, operating under the same GSE/PMIERs regulatory framework. Direct competitor for GSE-eligible low-down-payment mortgage volume.

Others

• Fannie Mae: Fannie Mae is a GSE that purchases the substantial majority of MGIC's insured loans and sets the credit-enhancement framework (LLPAs, MI requirements) that drives MI demand. Structural counterparty and policy-setter rather than a direct competitor.
• Intercontinental Exchange (ICE): ICE owns ICE Mortgage Technology (formerly Ellie Mae/Encompass), the dominant loan origination system used by US mortgage lenders. MGIC is the first MI provider to manage its own functionality within ICE Encompass Partner Connect, making ICE a key technology distribution channel and ecosystem participant.
• Freddie Mac: Freddie Mac is a GSE counterparty that purchases MGIC-insured loans and co-sets the credit-enhancement framework alongside Fannie Mae. Not a competitor but a critical structural partner whose policies and pricing rules directly drive MGIC's NIW.

Broad incumbents

• Federal Housing Administration (FHA): FHA is the government-backed mortgage insurance program offering low-down-payment mortgage insurance with taxpayer-supported capital. It serves the same low-down-payment borrower segment as MGIC but with broader (government) scale and different pricing economics — a structural substitute that sets the floor and ceiling for private MI.
• Genworth Financial, Inc. Genworth historically owned the Enact MI business and remains a broader life insurance and long-term care provider. Its historical ownership of private MI makes it a relevant broad-comparable, though its current focus is outside MGIC's core PMI business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mgic
• YouTubeyoutube.com/user/MGICvideos
• Facebookfacebook.com/MGICMI
• LinkedInlinkedin.com/company/mgic

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MGIC Investment Corporation