MGIC Agrees Reinsurance Pact

By:: MortgageLoan.com | June 17, 2008

MGIC Investment Corp, the largest U.S mortgage insurer on Monday said it will receive up to $50 billion a year of coverage on newly written insurance policies under a reinsurance agreement reached with HCC Insurance Holdings Inc.

The Milwaukee based company said its MGIC unit obtained the coverage for the period from April 1, 2008 to December 31, 2010 with all new insurance policies it is writing would qualify for the agreement.

MGIC estimates net expense for the reinsurance will be about 5 percent of the net premiums written.

The company believes that the deal finalizes another step in its capital plan and is expected to offer claims-paying resources in catastrophic loss environment for insurance written beginning April 1, 2008.

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