MILWAUKEE, April 27, 2012 /PRNewswire via COMTEX/ --MGIC Investment Corporation's (NYSE: MTG) shareholders have elected as directors Curt Culver, the Chairman and CEO of the Company, and four independent directors. In accordance with the Company's declassified structure approved by shareholders last year, each of the directors elected will serve one-year terms. Following is information about each of the independent directors elected.
Timothy A. Holt - A Director since 2012, was an executive committee member and Senior Vice President and Chief Investment Officer of Aetna, Inc., a diversified health care benefits company, when he retired in 2008 after 30 years of service. From 2004 through 2007, he also served as Chief Enterprise Risk Officer of Aetna. Prior to being named Chief Investment Officer in 1997, Mr. Holt held various senior management positions with Aetna. Mr. Holt served as a consultant to Aetna during 2008 and 2009 and currently provides investment consulting services to other insurance companies. Since 2008, Mr. Holt has served as a Director of Virtus Investment Partners, Inc.
William A. McIntosh - A Director since 1996, was an executive committee member and a managing director at Salomon Brothers Inc, an investment banking firm, when he retired in 1995 after 35 years of service. In addition, during the past five years, Mr. McIntosh served as a director of Northwestern Mutual Series Fund Inc. (27 funds) (through 2009).
Leslie M. Muma - A Director since 1995, is retired and was Chief Executive Officer of Fiserv, Inc., a financial industry automation products and services firm, from 1999 until December 2005. He was also a director of Fiserv, Inc. through 2005. Before serving as Fiserv's Chief Executive Officer, he was its President for many years.
Mark M. Zandi - A Director since 2010, is Chief Economist of Moody's Analytics, Inc., where he directs economic research and consulting. Moody's Analytics is a subsidiary of Moody's Corporation that is separately managed from Moody's Investor Services, the rating agency subsidiary of Moody's Corporation.
Other actions taken during the annual meeting included:
- Approval of an amendment to our Articles of Incorporation to increase our authorized Common Stock from 460,000,000 shares to 680,000,000 shares.
- Approval, on advisory basis, of our executive compensation.
- Ratification of the appointment of PricewaterhouseCoopers LLP as MGIC's independent registered public accounting firm for 2012.
Background information on all matters voted on during the annual meeting is available in MGIC's Proxy Statement for the 2012 Annual Meeting. An electronic version of the Proxy Statement can be found on MGIC's investor website, http://mtg.mgic.com.
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $169.0 billion primary insurance in force covering 1.1 million mortgages as of March 31, 2012. MGIC 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.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website without making any other disclosure and intends to continue to do so in the future. 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 can be found at http://mtg.mgic.com under Investor Information.