The two leading mortgage insurers in the United States have agreed to merge to form a mortgage and credit risk insurance company with total assets of nearly $15 billion, it was announced today.

MGIC Investment Corp. said it would buy rival Radian Group Inc. for $4.9 billion in stock. The new company will be called MGIC Radian Financial Group Inc.

Fitch Ratings placed the ratings of the two MGIC units on a negative watch.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.