MGIC Investment Corporation
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.
- Company typePublic
- Founded1957
- HeadquartersMilwaukee, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
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.
MGIC Investment Corporation firmographics
Firmographics- 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
MGIC Investment Corporation industry classification
Industry- 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
Where MGIC Investment Corporation is headquartered
LocationHeadquarters
- HQ city
- Milwaukee
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
MGIC Investment Corporation business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- 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.
- 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
MGIC Investment Corporation product offering
Product offeringCore 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
Companies that use MGIC Investment Corporation
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
MGIC Investment Corporation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature2 records
MGIC Investment Corporation partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Intercontinental Exchange (ICE)coreMGIC 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 MaecoreMGIC 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 MaccoreMGIC 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)coreMGIC 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)coreMGIC 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 HumanityminorMGIC partners with Habitat for Humanity as part of its corporate sustainability initiatives, reinforcing shared commitment to homeownership access for all.
- Acts HousingminorMGIC 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
MGIC Investment Corporation competitors and assessment
Company assessmentDirect 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
MGIC Investment Corporation social profiles
Digital presenceMGIC Investment Corporation compliance and trust
Trust signalCompliance4 records
MGIC Investment Corporation financial estimates
Financial estimateRevenue estimate
Valuation estimate
MGIC Investment Corporation leadership team
Management profileNumber of profiles
Profiles9 records
MGIC Investment Corporation subsidiaries and ownership
Company hierarchySubsidiaries1 record
MGIC Investment Corporation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MGIC Investment Corporation M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MGIC Investment Corporation
What does MGIC Investment Corporation do?
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.
Is MGIC Investment Corporation a public or private company?
MGIC Investment Corporation is a public company. It is classified as public and is currently operating.
When was MGIC Investment Corporation founded?
MGIC Investment Corporation was founded in 1957. It employs 501 to 1,000 people.
Where is MGIC Investment Corporation based?
MGIC Investment Corporation is headquartered in Milwaukee, United States, in the North America region.
How does MGIC Investment Corporation make money?
Two revenue lines are on record. Mortgage Insurance Premiums are the primary driver. The others are net Investment Income.
Who are MGIC Investment Corporation's main competitors?
Direct peers on record are Radian Group Inc., Essent Group Ltd., Enact Holdings, Inc., Arch Capital Group Ltd. (Arch MI) and NMI Holdings, Inc. (National MI). Others are Fannie Mae, Intercontinental Exchange (ICE) and Freddie Mac. Broad incumbents are Federal Housing Administration (FHA) and Genworth Financial, Inc..
Does MGIC Investment Corporation have an API?
No public API is recorded for MGIC Investment Corporation.
What industry is MGIC Investment Corporation in?
MGIC Investment Corporation's product category is Mortgage Insurance. Its primary akta.pro industry code is FSALAJAA, Private Mortgage Insurance (PMI) — Borrower-Paid (BPMI), with a secondary code of FSALAJAB, Private Mortgage Insurance (PMI) — Lender-Paid (LPMI). Its NAICS code is 52 and its SIC code is 6411.