MGIC Investment Announces Receipt Of Proceeds From Offerings Of Common Stock And Convertible Senior Notes

 MGIC Investment Announces Receipt Of Proceeds From Offerings Of Common Stock
                         And Convertible Senior Notes

-- Portion of Proceeds Used To Lower MGIC's Year End Risk-To-Capital To 20:1

PR Newswire

MILWAUKEE, March 12, 2013

MILWAUKEE, March 12, 2013 /PRNewswire/ -- MGIC Investment Corporation (NYSE:
MTG) (the "Company") today announced that it received proceeds from its
previously announced concurrent public offerings of common stock and 2.00%
convertible senior notes due 2020. The Company sold 135 million shares of
Common Stock and $500 million principal amount of notes and received aggregate
net proceeds, after underwriting discounts and commissions and estimated
offering expenses, of approximately $1.15 billion.

The Company also announced that ittransfered $800 million to Mortgage
Guaranty Insurance Corporation (MGIC), its principal subsidiary, to increase
its capital. Giving effect to the transfer, as of December 31, 2012, MGIC's
risk to capital level is approximately 20 to 1 and MGIC meets the capital
requirements of all jurisdictions having specific capital requirements for
mortgage guaranty insurers without the need for any waiver. MGIC remains an
eligible insurer for both Fannie Mae and Freddie Mac.

Curt S. Culver, CEO and Chairman of the Board of MGIC and MTG, said, "The
success of our recent capital raise puts MGIC in an excellent position to take
advantage of the improving housing market. Our well established national
salesorganization makes us a formidable presence for our competition. The
additional capital also improves our holding company liquidity and further
strengthens MGIC's claims paying ability."

Goldman, Sachs & Co. was the sole book-running manager for both offerings.
Dowling & Partners Securities, LLC, FBR Capital Markets & Co., Barclays
Capital Inc. and Keefe, Bruyette & Woods, Inc. acted as co-managers for both
offerings. Foley & Lardner LLP was the Company's legal counsel for both
offerings.

The shares and notes were issued pursuant to an effective registration
statement (including a prospectus and related prospectus supplements for each
of the common stock and convertible senior notes offerings) with the
Securities and Exchange Commission (the "SEC") for the offerings to which this
communication relates. Investors should read the applicable prospectus
supplement and the accompanying prospectus for more complete information about
the Company and these offerings. You may obtain these documents free of
charge by visiting the SEC website at www.sec.gov. Alternatively, you may
obtain copies from Goldman, Sachs & Co., at 200 West Street, New York, NY
10282, Attention: Prospectus Department, by telephone at 1-866-471-2526 or by
emailing prospectus-ny@ny.email.gs.com.

This press release is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.

About MGIC

MGIC, the principal subsidiary of MGIC Investment Corporation, is the nation's
largest private mortgage insurer as measured by $162.1 billion primary
insurance in force covering 1.0 million mortgages as of December 31, 2012.
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.

From time to time, MGIC Investment Corporation releases important information
via postings on its corporate website without making any other disclosure, and
it intends to continue to do so in the future. Investors and other interested
parties are encouraged to enroll to receive automatic email alerts and Really
Simple Syndication (RSS) feeds regarding new postings. Enrollment information
can be found at http://mtg.mgic.comunder Investor Information.

SOURCE MGIC Investment Corporation

Website: http://www.mgic.com
Contact: Investors, Michael J. Zimmerman, (414) 347-6596,
mike_zimmerman@mgic.com, or Media, Katie Monfre, (414) 347-2650,
katie_monfre@mgic.com
 
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