MILWAUKEE, May 15 /PRNewswire-FirstCall/ — MGIC Investment Corporation’s (NYSE:MTG) shareholders today re-elected four directors who each will serve three-year terms on the company’s Board of Directors. Shareholders elected the following directors:
— David S. Engelman, a Director since 1993, has been a private investor
for more than five years. He was President and Chief Executive Officer,
on an interim basis, of Fleetwood Enterprises, Inc., a manufacturer of
recreational vehicles and manufactured housing, from February to August
2002. He is also a director of Fleetwood Enterprises, Inc.— Kenneth M. Jastrow, II, a Director since 1994, is the non-executive
Chairman of the Board of Forestar Real Estate Group Inc. (“Forestar”),
which is engaged in various real estate businesses, and Guaranty
Financial Group Inc. (“Guaranty”), which is engaged in banking and
other financial services. From January 2000 until December 28, 2007,
when Temple-Inland Inc. (“TI”) completed the spinoffs of Forestar and
Guaranty, Mr. Jastrow was the Chairman and Chief Executive Officer of
TI, a holding company which during Mr. Jastrow’s tenure had interests
in paper, forest products, financial services and real estate. He is
also a director of KB Home.— Daniel P. Kearney, a Director since 1999, is a business consultant and
private investor. Mr. Kearney served as Executive Vice President and
Chief Investment Officer of Aetna, Inc., a provider of health and
retirement benefit plans and financial services, from 1991 to 1998. He
was President and Chief Executive Officer of the Resolution Trust
Corporation Oversight Board from 1990 to 1991, a principal of Aldrich,
Eastman & Waltch, Inc., a pension fund advisor, from 1988 to 1989, and
a managing director at Salomon Brothers Inc, an investment banking
firm, from 1977 to 1988. He is also a director of Fiserv, Inc. and
MBIA, Inc.— Donald T. Nicolaisen, a Director since 2006, was the Chief Accountant
of the United States Securities and Exchange Commission from September
2003 to November 2005, when he retired from full time employment. Prior
to joining the SEC, he was a Senior Partner at PricewaterhouseCoopers
LLP, an accounting firm that he joined in 1967. He is also a director
of Verizon Communications Inc., Morgan Stanley and Zurich Financial
Services Group. Mr. Nicolaisen was elected to our Board of Directors on
October 26, 2006 by our Board of Directors. That election was
recommended by the Management Development, Nominating and Governance
Committee, which was introduced to Mr. Nicolaisen by one of our
executive officers.
In other action, shareholders ratified the appointment of PricewaterhouseCoopers LLP, as independent accountants for the fiscal year ending December 31, 2008, approved performance goals for certain restricted equity awards under the Corporation’s 2002 Stock Incentive Plan and performance goals for an annual bonus plan that includes such goals.
About MGIC
MGIC (http://www.mgic.com/), the principal subsidiary of MGIC Investment Corporation, is the nation’s leading provider of private mortgage insurance coverage with $221.4 billion primary insurance in force covering 1.5 million mortgages as of March 31, 2008. MGIC serves over 3,300 lenders with locations across the country and in Puerto Rico, Guam and Australia helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
First Call Analyst:
FCMN Contact:
Source: MGIC Investment Corporation
CONTACT: investors, Michael J. Zimmerman, +1-414-347-6596,
mike_zimmerman@mgic.com, or media, Katie Monfre, +1-414-347-2650,
katie_monfre@mgic.com, both of MGIC Investment Corporation
Web site: http://www.mgic.com/
