MILWAUKEE, April 25, 2013 /PRNewswire/ -- MGIC Investment Corporation's (NYSE: MTG) shareholders have elected as directors Curt Culver, the Chairman and CEO of the Company, and seven independent directors. Each of the directors elected will serve one-year terms. The terms of the remaining three independent directors continue until next year's Annual Meeting of Shareholders, at which time the Board of Directors will be fully declassified.
Following is information about each of the independent directors elected.
James A. Abbott - A Director since 1989, has been Chairman and a principal of American Security Mortgage Corp., a mortgage banking firm, since June 1999. He served as President and Chief Executive Officer of First Union Mortgage Corporation, which during his tenure in that office, was nationally ranked in the top 10 in origination and loan servicing.
Thomas M. Hagerty – A Director since 2001, has been a managing director with Thomas H. Lee Partners, L.P. and its predecessor, a private investment firm, since 1992 and has been with the firm since 1988. He is also a director of Ceridian Corporation, Fidelity National Financial, Inc., Fidelity National Information Services, Inc., First BanCorp. and MoneyGram International, Inc.
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. Mr. Holt currently provides investment consulting services to other insurance companies. Since 2008, Mr. Holt has served as a Director of Virtus Investment Partners, Inc.
Michael E. Lehman - A Director since 2001, has been the Chief Financial Officer at Arista Networks, a cloud networking firm, since September 2012. He was previously the Chief Financial Officer of Palo Alto Networks, a network security firm, from April 2010 until February 2012. Prior to that, he was the Executive Vice President and Chief Financial Officer of Sun Microsystems, Inc., a provider of computer systems and professional support services, from February 2006 to January 2010, when Sun Microsystems, Inc. was acquired by Oracle Corporation. From July 2000 until his initial retirement in September 2002, he was Executive Vice President of Sun Microsystems; he was its Chief Financial Officer from February 1994 to July 2002.
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. 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 the company's Amended and Restated Rights Agreement;
- Approval, on advisory basis, of the company's executive compensation for 2012;
- Ratification of the appointment of PricewaterhouseCoopers LLP as MGIC's independent registered public accounting firm for 2013.
Additional information on all matters voted on during the annual meeting is available in MGIC's Proxy Statement for the 2013 Annual Meeting. An electronic version of the Proxy Statement can be found on MGIC's investor website, http://mtg.mgic.com.
About MGIC
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $162.1 billion primary insurance in force covering 1.0 million mortgages as of December 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.
SOURCE MGIC Investment Corporation
Investor Contact: Michael J. Zimmerman, (414) 347-6596, mike_zimmerman@mgic.com; Media Contact: Katie Monfre, (414) 347-2650, katie_monfre@mgic.com
