MILWAUKEE, March 20, 2019 /PRNewswire/ -- MGIC Investment Corporation (MTG) announced its board of directors has authorized an additional share repurchase program under which the Company may repurchase up to $200 million of its common stock through the end of 2020. The Company has approximately $25 million remaining on an existing share repurchase authorization announced in April 2018 that remains in place through the end of 2019.
Repurchases may be made from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time.
The Company expects to fund the purchases with Company cash and investments, which as of December 31, 2018, totaled $248 million. The Company currently has approximately 356 million shares of common stock outstanding.
The principal subsidiary of MGIC Investment Corporation is Mortgage Guaranty Insurance Corporation, or MGIC (www.mgic.com), which 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. At February 28, 2019 MGIC had $210.8 billion of primary insurance in force covering over one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. 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 for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. Enrollment information for MGIC alerts can be found at https://www.mgic.com/ClearRates/index.html.