CMAC Investment Corp., Philadelphia, elected Frank P. Filipps president. He had been executive vice president and chief operating officer.

Mr. Filipps will also be chairman, president, and chief executive of Commonwealth Mortgage Assurance Co., the principal operating subsidiary of CMAC Investment.

He succeeds James C. Miller, who was the primary force behind the creation of CMAC in 1976, and had been its president since 1983. He will continue as a member of the parent's board of directors.

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