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MGIC Investment

MGIC is among the largest private mortgage insurers in terms of insurance in-force. The company serves lenders primarily in the United States. The company writes business through its principal mortgage insurance subsidiaries, Mortgage Guaranty Insurance Corp. (MGIC) and MGIC Indemnity Corp. (MIC), which are licensed in each of the 50 states. MGIC is a legacy mortgage insurer along with peers Arch, Radian, and Genworth. (11 Sep 2018)

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Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

U.S. P&C Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 10:15 PM ET - We provide a recap of U.S. P&C Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.
Focused

MGIC: In-Force Up, Hurricanes Impact Delinquencies

Worth Watching: 08 Nov 2018, 12:02 PM ET - MGIC reported delinquent inventory of 33,336 units as of the end of October 2018, down just slightly from 33,398 units at the end of 3Q18. The slowdown in the decline in delinquent inventory is likely to be at least partially related to recent ..

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

Hartford 3Q18: Real Progress in Personal Lines

Earnings Note: 26 Oct 2018, 11:01 AM ET - We maintain our Outperform recommendation on HIG as the insurer posted gains of $418 mn in 3Q18. The company’s Commercial Lines performance remains strong, though middle market had a hiccup, while Personal Lines shows signs of progress.

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

Chubb 3Q18: Brushes Away Hurricane Losses

Earnings Note: 24 Oct 2018, 10:48 AM ET - Chubb brushed aside what has been a tough operating environment for some other P&C insurers given elevated catastrophe losses and posted operating earnings of more than $1.1 bn. We maintain our O/P recommendation on this defensive name.

Allstate: 3Q18 CAT Losses Will Wipe Earnings

Worth Watching: 18 Oct 2018, 1:41 PM ET - Allstate estimates that it will pay out $177 mn in pre-tax catastrophe claims in September 2018 ($140 mn after-tax). According to the insurer, CAT losses during the month comprised of 13 events at a total cost of $145 mn pre-tax, with the remai ..

Travelers 3Q18: Great Start to P&C Earnings

Earnings Note: 18 Oct 2018, 12:33 PM ET - Travelers reported a strong third quarter earnings report and earned $687 mn. CAT losses were modest, which bodes well for future P&C insurance earnings reports.
Focused

MGIC 3Q18: Rates a Headwind but Still a Strong Buy

Earnings Note: 17 Oct 2018, 1:07 PM ET - MGIC remains one of our favorite plays in the insurance sector, particularly with the recent widening in spreads in the HY space. Rising rates will be a headwind, but underlying performance remains very strong.

U.S. P&C Insurance: Michael Insured Loss Estimates

Worth Watching: 15 Oct 2018, 12:19 PM ET - U.S. P&C Insurance: A number of risk modelers and data vendors have now released insured loss estimates for Hurricane Michael, with estimates ranging from a low of ~$3 bn to a high of ~$10 bn. At either end of the spectrum, losses will be absor ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

U.S. Insurance: Rate Hikes A Plus, Curve Stubborn

Sector Analysis: 10 Oct 2018, 9:11 PM ET - In this note we discuss the rising rate environment in light of a flattening yield curve. P&C insurers with shorter duration liabilities should benefit immediately, while life insurers with long duration liabilities face challenges.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.
Focused

Mortgage Insurance: New GSE Capital Standards

Sector Analysis: 01 Oct 2018, 9:44 PM ET - The newest iteration of Private Mortgage Insurer Eligibility Requirements (PMIERs) have been released. In this note, we discuss the changes and highlight comments from management teams of certain mortgage insurers.

Global Insurance Rendez-Vous: The New Norm

Global Insurance Rendez-Vous: 20 Sep 2018, 11:35 PM ET - As $144 bn of nat cat losses failed to trigger a hard market, we see a breakdown in the historic link between prices and nat cat losses caused by the abundance of capital. Rates are expected to remain stable at the January 2019 renewals.

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