MGIC Names New Executive Vice President - Chief Risk Officer

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May 01, 2015, 01:08 ET

MILWAUKEE, May 1, 2015 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), has hired Stephen Mackey to be Executive Vice President - Chief Risk Officer upon the previously announced retirement of Lawrence Pierzchalski. Mr. Mackey will join the firm in late June.

Mr. Mackey has more than 30 years of experience in the financial services industry. He comes to MGIC from JP Morgan Chase & Company where he has held a number of senior leadership positions and most recently served as Managing Director, Firmwide Market Risk. His diverse background includes various leadership positions with Fannie Mae, where he worked for 13 years; managerial experience with the Office of Federal Housing Enterprise Oversight (the predecessor to the Federal Housing Finance Agency), which regulated Fannie Mae and Freddie Mac; employment with the Board of Governors of the Federal Reserve System; and service as CFO of a successful start-up commercial bank.

"Steve's combination of Midwestern roots and skills he has acquired from having worked for large complex financial organizations makes him uniquely suited to lead our risk management team," said Patrick Sinks, CEO of MTG and MGIC. "Our industry is in great shape to expand our role in the market. Steve's experiences, in both the public and private sector, will provide us invaluable insight into how we can expand our role while maintaining a robust risk management culture."

Mr. Mackey earned his Bachelor of Arts degree in accounting from Michigan State University and his Master of Science degree in finance from The George Washington University.

About MGIC

MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, 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. At March 31, 2015, MGIC had $166.1 billion of primary insurance in force covering approximately one million mortgages.

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SOURCE MGIC Investment Corporation