Sinks, 57, is chief operating officer, and will replace Curt Culver, 62, who is stepping down as CEO March 1 and will become non-executive chairman, the Milwaukee-based insurer said today in a statement.
MGIC may issue debt and modify reinsurance agreements to bolster capital because of proposed changes to financial standards, the company said July 11. The insurer could face a shortfall of about $600 million under the plan by the Federal Housing Finance Agency. Culver previously issued debt and stock to help the insurer emerge from the financial crisis that felled rivals and led to the call for tighter capital rules.
“Our company is well positioned for the future and our management team is as strong as it has ever been,” Sinks said in the statement.
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