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In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending. Today, MGIC serves lenders in the United States, Puerto Rico and Guam with obtaining mortgage insurance.
In 1957, the company was founded in Milwaukee by Max H. Karl, a real estate attorney who noticed that his clients were having trouble paying for their new homes. Karl invented modern private mortgage insurance and secured US$250,000 from investors, including friends and business associates, to open MGIC.[2] In 1982, Karl sold the company to Baldwin United for $1.2 billion.[3][4] In 1983 Baldwin United filed for Chapter 11 bankruptcy protection,[5] and in 1985 MGIC was liquidated and its assets sold to Northwestern Mutual for $775 million.[6] That same year, Karl and others set up a new company with the same name.[2] In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016.[7] In 1995, the founder of the company, Max H. Karl, died.[2]
Headquarters
MGIC's four-story headquarters is located at 250 Kilbourn Avenue in downtown Milwaukee.[8] The building was designed in an inverted pyramid shape by Fitzhug Scott-Architects, Inc. and Skidmore, Owings & Merrill and was completed in 1973.[8] The building was extensively renovated by Eppstein Uhen Architects and Hunzinger Construction in 2019.[9]
Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.[11]
In 2015, MGIC was one of the winners of the Healthiest Employers awarded by the Milwaukee Business Journal.[12] MGIC received a 2018 Platinum WELCOA Well Workplace Award.[13]
