MGIC Announces Changes to Captive Reinsurance Programs

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Metnor Grp.	LSE:MTG	London	Ordinary Share	GB0003782249	ORD 1P

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Metnor Grp.

LSE:MTG

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ORD 1P

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MGIC Announces Changes to Captive Reinsurance Programs

26/09/2008 12:00pm

PR Newswire (US)

Metnor (LSE:MTG)
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MILWAUKEE, Sept. 26 /PRNewswire-FirstCall/ -- MGIC Investment Corporation's primary subsidiary, Mortgage Guaranty Insurance Corporation ("MGIC"), announced today that effective January 1, 2009 it will no longer cede new business under excess of loss reinsurance treaties with lender captive insurance companies. Loans reinsured through December 31, 2008 will run off pursuant to the terms of the particular captive treaty. Quota share reinsurance arrangements are not affected by this announcement. MGIC Investment and MGIC have taken a series of actions in 2008 to address their financial strength, which has been adversely impacted by higher losses resulting from the continuing dislocation in residential housing and related mortgage lending. In addition to this announcement, these actions encompassed raising $840 million through securities sales; changing underwriting guidelines; increasing premiums; entering into a reinsurance agreement covering new business written beginning in April 2008; amending the bank credit facility; and selling MGIC's stake in Sherman Financial. About MGIC MGIC (http://www.mgic.com/), the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $226.4 billion primary insurance in force covering 1.5 million mortgages as of June 30, 2008. MGIC serves 3,300 lenders with locations across the country and in Puerto Rico, Guam and Australia, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. DATASOURCE: MGIC Investment Corporation CONTACT: Investors, Michael J. Zimmerman, +1-414-347-6596, , or Media, Katie Monfre, +1-414-347-2650, , both of MGIC Investment Corporation Web site: http://www.mgic.com/

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