Company Expects to Begin Writing Business this Quarter
MILWAUKEE, May 18 /PRNewswire-FirstCall/ — MGIC Investment Corporation’s (NYSE:MTG) Australian unit, MGIC Australia, has received its license to operate from the Australian Prudential Regulation Authority (APRA). APRA’s approval clears the way for MGIC Australia to commence full-scale operations in the Australian market. This is the company’s first step in a long-term strategy for global growth.
“We are very excited to pass this final hurdle in our effort to enter the Australian market,” said Curt Culver, chairman and chief executive officer of MGIC. “We have a strong team in place that is ready to bring MGIC’s flexible, innovative and prudentially sound products to Australia. Our preliminary discussions with lenders have reaffirmed our belief that Australia is the right choice for MGIC’s initial international expansion.”
MGIC Australia has also received AA credit ratings from Standard & Poors and Fitch, and an Aa2 rating from Moodys, which was a compelling endorsement of MGIC’s financial strength.
About MGIC Investment Corp.
MGIC (http://www.mgic.com/), the principal subsidiary of MGIC Investment Corporation, is the nation’s leading provider of private mortgage insurance coverage with $178.3 billion primary insurance in force covering 1.3 million mortgages as of March 31, 2007. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
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Source: MGIC Investment Corporation
