8.86%C 6.45 22.20%F 2.55 5.20%
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MILWAUKEE - Mortgage insurer MGIC Investment Corp. said Monday it reached a reinsurance agreement with an affiliate of HCC Insurance Holdings Inc.
The reinsurance agreement covers up to $50 billion of new insurance written annually between April 1, 2008 and Dec. 31, 2010.
MGIC believes nearly all new insurance policies it is writing would qualify for the reinsurance agreement.
MGIC estimates net expense for the reinsurance will be about 5 percent of the net premiums written.
Mortgage insurers have faced a surge in claims since the middle of 2007 due to a rapid rise in mortgage defaults. Insurers have been searching for ways to pay claims and improve liquidity to combat mounting losses tied to the rising claims.
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