MGIC Investment Shareholders Re-elect Directors, Approve Shareholders Rights Agreement and Ratify Independent Accountants for 2010

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May 06, 2010, 03:13 ET

MILWAUKEE, May 6 /PRNewswire-FirstCall/ -- MGIC Investment Corporation's (NYSE: MTG) shareholders today re-elected three directors who each will serve three-year terms on the company's Board of Directors. Shareholders elected the following directors:

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, a mortgage banking company licensed in all 50 states and nationally ranked in the top 10 in origination and loan servicing during his tenure, from January 1980 to December 1994.
Thomas M. Hagerty, a Director since 2001, has been a managing director with Thomas H. Lee Partners, L.P. and its predecessor Thomas H. Lee Company ("THL"), a private investment firm, since 1992 and has been with the firm since 1988.
Michael E. Lehman, a Director since 2001, is Chief Financial Officer of Palo Alto Networks, a provider of computer network security products, and previously 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.

In other action, shareholders approved the Shareholder Rights Agreement and ratified the appointment of PricewaterhouseCoopers LLP, as independent accountants for the fiscal year ending December 31, 2010.

About MGIC
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $207.1 billion primary insurance in force covering 1.3 million mortgages as of March 31, 2010. 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.

SOURCE MGIC Investment Corporation