Printer Friendly

MGIC REASSUMES RISK ON $7.5 BILLION OF INSURANCE IN FORCE

 MILWAUKEE, Dec. 13 /PRNewswire/ -- MGIC Investment Corporation, (NYSE: MTG), announced today that its principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), has reached an agreement that will take effect Jan. 1, 1994, with European General Reinsurance Company of Zurich (European General), the lead reinsurer, to reassume its mortgage insurance writings for policy years 1985 through 1993, which had been previously ceded to European General. Under the agreement, MGIC will reassume approximately $7.5 billion of insurance in force, which will increase its risk in force by approximately 10 percent. MGIC's existing reinsurance treaties with other European reinsurers for the years 1985 through 1993 will remain in effect.
 In a related matter, MGIC announced that it has elected to reduce the level of reinsurance ceded on its 1994 mortgage insurance writings to zero, down from the seven percent ceded during 1993.
 MGIC Investment Corporation is headquartered in Milwaukee. Through its subsidiary MGIC, it is a leading provider of private mortgage insurance coverage in the United States. Private mortgage insurance covers first mortgage loans and expands homeownership by enabling people to purchase homes with less than 20 percent down payments. Private mortgage insurance also facilitates the sale of low down payment first mortgage loans in the secondary mortgage market.
 -0- 12/13/93
 /CONTACT: James S. MacLeod, senior vice president of MGIC, 414-347-6812/
 (MTG)


CO: MGIC Investment Corporation ST: Wisconsin IN: FIN SU:

CP-DB -- MN012 -- 3138 12/13/93 11:50 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 13, 1993
Words:239
Previous Article:IVI PUBLISHING AND TIME LIFE TO JOINTLY DEVELOP AND MARKET NEW CD-ROM TITLES
Next Article:COBRA ANNOUNCES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 1993
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters