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MGIC Boosts Business, Decreases Delinquency

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MGIC Investment Corp. reported that its operating subsidiary increased new monthly business by nearly a quarter. Delinquency, meanwhile, was down nearly 60 basis points and has improved by more than 100 BPS compared to a year previous.

New policies written during March totaled $1.6 billion, according to an analysis of earnings data released Monday.

Business improved from $1.3 billion in policies written a month earlier and $0.9 billion in volume during March 2011.

The Milwaukee-based company said total first-quarter policies written amounted $4.2 billion, better than the $3.0 billion in new insurance written during the first three months of 2011 and unchanged from the final three months of last year.

In addition, another $1.3 billion in mortgages were insured under the Home Affordable Refinance Program from Jan. 1 through March 31 of this year. The HARP loans weren’t included in new business since they are considered modifications to existing policies.

Insurance in force ended March at $169.0 billion, down from $172.9 billion as of Dec. 31, 2011. The total was $186.9 billion a year prior.

As of March 31, delinquency stood at 15.09 percent. It was the lowest rate as of the end of any quarter since the second-quarter 2009’s 14.97 percent.

The late-payment rate improved from a revised 15.68 percent in February based on an estimate of outstanding policies. In March 2011, the rate of past-due payments was 16.35 percent.

MGIC reported a first-quarter loss of $20 million, improving from the $34 million loss in the first-quarter 2011.

Its risk-to-capital ratio was 20.3 to 1 and is expected to exceed 25 to 1 in the second half of this year.

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