MGIC’s CEO, 4 others re-elected as directors

MILWAUKEE -- Mortgage insurer MGIC Investment Corp. announced Friday that its shareholders re-elected five board members, including Chairman and CEO Curt Culver four independent directors.

Under a new structure, all five will serve one-year terms, MGIC said.

The outside directors are Timothy Holt, who was senior vice president and chief investment officer of Aetna Inc. until his retirement in 2008; William McIntosh, who retired in 1995 as a managing director at Salomon Brothers Inc.; Leslie Muma, who was CEO of Fiserv Inc. until 2005; and Mark Zandi, who is the chief economist of Moody's Analytics Inc.

Holt became a director of MGIC in January, while McIntosh has been on the board since 1996, Muma since 1995 and Zandi since 2010. Culver has been a director since 1999.

The shareholders also approved an increase in MGIC's common stock to 680 million shares from 460 million, should the company decide to issue more shares, MGIC said. It has no immediate plan to do so.

MGIC, based in Milwaukee, calls itself the biggest U.S. private mortgage insurer, with $169 billion in primary insurance policies outstanding as of March 31. The company has suffered with the continuing housing market slump and reported this week a $19.6 million loss for the first quarter because of an increase in claims.

MGIC shares fell 11 cents, or 3.1 percent, to $3.49 in early afternoon trading Thursday, near the day's low of $3.45.