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(Bloomberg) — MGIC Investment Corp. promoted Patrick Sinks to chief executive officer as the mortgage insurer looks for ways to raise capital to meet new industry standards proposed by a U.S. regulator.

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.

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