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MGIC names Sinks CEO as mortgage insurer capital rules loom

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.

By Zachary Tracer | Updated on July 24, 2014
(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.

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.

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