January 24. 2012 2:00AM - Last modified: March 15. 2012 12:09PM

MGIC is still in the red

  

MGIC Investment Corp. today reported a fourth quarter net loss $135.3 million, or 67 cents per share, compared with a net loss of $186.7 million, 93 cents per share, in the same period a year ago.
The Milwaukee-based company's net loss for the full year was $485.9 million, compared with a net loss of $363.7 million for the full year 2010. For the full year 2011, diluted loss per share was $2.42 compared to a diluted loss per share of $2.06 for the full year 2010.
Total revenues for the fourth quarter were $447.0 million, compared with $361.1 million in the fourth quarter last year.
Net premiums written for the quarter were $263.8 million, compared with $271.4 million for the same period last year. Net premiums written for the full year 2011 were $1.064 billion, compared with $1.102 billion for the full year 2010.
Curt Culver, chief executive officer and chairman of the board of Mortgage Guaranty Insurance Corp. (MGIC) and MTG, said the company has successfully completed its discussions with the Office of the Commissioner of Insurance for the State of Wisconsin (OCI), Fannie Mae and Freddie Mac to receive the necessary waivers and approvals that allow for the continuation of the company's strategy to write new business through a combination of MGIC and, as it is needed, its wholly owned subsidiary, MGIC Indemnity Corp. (MIC).

 


advertisement
advertisement