MGIC Investment Corporation
| Industry | Private mortgage insurance |
|---|---|
| Founded | 1957 |
| Founder | Max H. Karl |
| Headquarters | Milwaukee, Wisconsin , United States |
Area served | United States, Puerto Rico, Guam |
Key people | Bill Lacy (former chairman and CEO) |
| Products | Mortgage insurance, underwriting, and related services |
| Website | mgic |
MGIC Investment Corporation ("MGIC") stands as a prominent provider of private mortgage insurance within the United States, with its main office located in Milwaukee, Wisconsin. The company delivers mortgage insurance, underwriting, and associated services to lenders throughout the United States, as well as in Puerto Rico and Guam.
History
Established in 1957 by Max H. Karl, a real estate lawyer who recognized the difficulties clients encountered when purchasing homes, MGIC became a pioneer in the private mortgage insurance industry. Karl secured $250,000 in funding from investors to start the business. In 1982, he sold MGIC to Baldwin United for $1.2 billion. After Baldwin United filed for Chapter 11 bankruptcy in 1983, MGIC was liquidated in 1985, and its assets were bought by Northwestern Mutual for $775 million. That same year, Karl and his partners reformed MGIC under its original name. Bill Lacy assumed the roles of chairman and CEO in 1987 and led the firm until his passing in 2016. Max H. Karl, the founder, died in 1995.
Headquarters
MGIC’s headquarters is a distinctive four-story structure situated at 250 Kilbourn Avenue in downtown Milwaukee. Designed by Fitzhug Scott-Architects, Inc. alongside Skidmore, Owings & Merrill, the building features an inverted pyramid shape and was completed in 1973. In 2019, it underwent significant renovations carried out by Eppstein Uhen Architects and Hunzinger Construction.
Community service
The corporation actively engages in philanthropy by supporting various community organizations through financial contributions and volunteer efforts. Its partnerships include collaborations with United Way, Junior Achievement, United Performing Arts Fund, Milwaukee Public Television, Habitat for Humanity, Secure Futures, among other nonprofit entities.
Honors
Mortgage Guaranty Insurance Corporation has consistently been honored as a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010. Additionally, it received the Healthiest Employers award from the Milwaukee Business Journal in 2015 and earned the Platinum WELCOA Well Workplace Award in 2018.