MGIC Takes Reinsurance Queries

Register now

MGIC Investment Corp., the top U.S. home mortgage insurer, said it gave information about reinsurance arrangements to Minnesota regulators last month in response to a subpoena.

The Milwaukee company gave the Minnesota Department of Commerce information on captive mortgage reinsurance and other matters, according to a filing Monday with the U.S. Securities and Exchange Commission.

"We're confident in the structures we have in place," said MGIC's vice president of investor relations, Mike Zimmerman. "The question is, does risk transfer from one entity to another in these arrangements? And these clearly do."

The company also responded last June to a letter from New York's insurance department, providing information about reinsurance "and other types of arrangements in which lenders receive compensation," the filing said.

For reprint and licensing requests for this article, click here.
Wealth management
MORE FROM AMERICAN BANKER