Wisconsin OCI grants more time for MGIC

The Office of the Commissioner of Insurance for the State of Wisconsin ("OCI") has been waived, until December 31, 2011, with the requirement that MGIC maintain a specific level of minimum regulatory capital to write new mortgage guaranty policies.  This was the latest announcement made by MGIC Investment Corporation's (NYSE: MTG) principal subsidiary Mortgage Guaranty Insurance Corporation ("MGIC").

Curt S. Culver, CEO and Chairman of the Board of MGIC and MGIC Investment Corporation, said that “the OCI's actions are an important step in enabling the company to support the US housing market by continuing to write new insurance on a nationwide basis. Culver added that he appreciates the efforts of the OCI in reviewing and approving the revised business plan and the waiver.”

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About MGIC

MGIC, the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $216.8 billion primary insurance in force covering 1.4 million mortgages as of September 30, 2009. MGIC serves over 3,300 lenders with locations across the country, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

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