MGIC INVESTMENT Business Summary

MGIC Investment Corp (MTG) operates as a leading provider of private mortgage insurance (PMI) and mortgage credit risk management solutions through its principal subsidiary, Mortgage Guaranty Insurance Corporation. The company generates the majority of its revenue through net premiums earned on insurance policies that protect lenders against credit losses on high loan-to-value residential mortgages. Its business is divided into Primary Insurance, which covers individual loans, and Pool Insurance, which provides additional coverage for groups of loans. As of early 2026, MGIC maintains a robust financial position with over $303 billion of insurance in force and a significant market share of approximately 18-20%. Its primary direct competitors include Radian Group Inc., Essent Group Ltd., Arch Capital Group Ltd., and Enact Holdings, with MGIC positioned as a top-tier incumbent and industry pioneer in the highly concentrated U.S. mortgage insurance sector. Founded in 1957 by Max Karl, the company is currently led by Chief Executive Officer Timothy J. Mattke, who joined in 2006 and previously served as the firm's CFO. The executive team includes President and Chief Operating Officer Salvatore A. Miosi, a veteran who has held various leadership roles in technology and marketing since 1988, and Nathaniel H. Colson, who serves as Executive Vice President, Chief Financial Officer, and Chief Risk Officer. The leadership is supported by a distinguished Board of Directors chaired by former CEO Curt S. Culver and featuring notable members such as Martin P. Klein, former CFO of Athene, and Daniela A. O'Leary-Gill, former COO of BMO U.S. Major institutional investors include The Vanguard Group, BlackRock, and JPMorgan Investment Management, reflecting the company's status as a staple in mid-cap financial services portfolios.