MILWAUKEE, March 20, 2019 /PRNewswire/ -- MGIC Investment
Corporation (NYSE: MTG) announced its board of directors has
authorized an additional share repurchase program under which the
Company may repurchase up to $200
million of its common stock through the end of 2020. The
Company has approximately $25 million
remaining on an existing share repurchase authorization announced
in April 2018 that remains in place
through the end of 2019.
Repurchases may be made from time to time on the open market or
through privately negotiated transactions. The repurchase
program may be suspended for periods or discontinued at any
time.
The Company expects to fund the purchases with Company cash and
investments, which as of December 31,
2018, totaled $248 million.
The Company currently has approximately 356 million shares of
common stock outstanding.
About MGIC
The principal subsidiary of MGIC Investment Corporation is
Mortgage Guaranty Insurance Corporation, or MGIC (www.mgic.com),
which serves lenders throughout the
United States, Puerto Rico,
and other locations helping families achieve homeownership sooner
by making affordable low-down-payment mortgages a reality. At
February 28, 2019 MGIC had
$210.8 billion of primary insurance
in force covering over one million mortgages.
From time to time MGIC Investment Corporation releases important
information via postings on its corporate website, and via postings
on MGIC's website for information related to underwriting and
pricing, and intends to continue to do so in the future. Such
postings include corrections of previous disclosures, and may be
made without any other disclosure. Investors and other interested
parties are encouraged to enroll to receive automatic email alerts
and Really Simple Syndication (RSS) feeds regarding new postings.
Enrollment information for MGIC Investment Corporation alerts can
be found at https://mtg.mgic.com/shareholder-services/email-alerts.
Enrollment information for MGIC alerts can be found at
https://www.mgic.com/ClearRates/index.html.
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SOURCE MGIC Investment Corporation