MTG - Earnings call transcript Q2 2021 | MGIC Investment Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to MGIC Investment Corporation Second Quarter 2021 Earnings Call. At this time, all participants’ line are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today hand Mr. would to call I speaker your Instructions] like the to over [Operator Mike Senior Zimmerman, Vice President, Investor Relations. ahead. go Please

Mike Zimmerman

Thanks you thank and in morning us Investment Good MGIC morning interest for for Corporation. this your Lena. joining and

which MGIC’s results on located during mtg.mgic.com, will accessed the participants the is discuss be of website, about Nathan the quarter comparable to at the measures includes to to Colson. most may under are which Executive information I to XXXX last reconciliation GAAP and additional the Mattke; all results refer financial Officer, for want of Joining me the and Tim today that Newsroom, Chief that includes the release on call company’s Chief call non-GAAP evening, our second earnings of Financial remind quarterly we Officer, measures.

would to time-to-time, that website We find guidelines to insurance force, presentation valuable a that we have contains reinsurance underwriting information our or in about which written, think on transactions presentations interested other information, posted well. and pertaining risk want new our I other presentations from also listeners other parties we also and primary our on to as information valuable. our past that and investors may website post remind find corrections you’ll

future. statements. course the forward-looking could results Actual differ the about of in materially of these During this those expectations call, comments we make our from contained may

of we statements were such update undertaking that, XX-Q. subsequent call the developments. Tim time night. to materially X-K statements contained including not the or I'd forward-looking Form factors, other call filed turn that to those in the of the those or current guidance about Further, should to Form could that in or the obligation With those forward-looking makes call in X-K fact Form than actual any If issuance Form light to any information no the future that time this are over the XX-Q last and statements, on are company from party the Additional are cause results discussed on COVID-XX, rely differ interested the of like Mattke.

Tim Mattke

morning, Good another related I'm Then Nathan the financial I financial detail position. report my line about strong up of After results. to will finance by the housing produced policies. discussing operating that quarter results remarks, activities very and we questions, opening provide Mike. open environment Thanks to before everyone. more pleased including for will wrap-up our current we capital

income of During the quarter, $XXX.X earned GAAP net million. we

the accounting local had quarter for We strong pre-pandemic lower than of of in new and billion year. from $XXX and solid insurance period purchase conditions the business our written return quarter. XX% of of the annual our which credit higher of same billion, a another as quarterly XX% compared increasing offset book economic $XX.X percentage transactions, as wrote the An XX% decreasing pressure quarter busy insurance resulted to last persistency force last force, quality a economies results reflect record in Our we a levels business, more of to rate our financial housing than many new market, improving in delinquency our nearly to existing in growing on is our second NIW of insurance activity.

applications months. for continued of of purchase the with received Our has recent in more application indicates trend XX% indicator continuing pipeline, a than leading this account transactions NIW to

due the first year, NIW we second primarily the year half in to half of slow of that was will NIW refinance activity. While reduction the in the the strong, of expect

believe robust many We While prices especially low persist. housing are market prices more historical strong Home may purchase the increasing we have Consumer sound reasons increasing attractive be been in cycle. the purchase current by strong rapidly than demand. low, of and for to supply XXXX-XXXX home demand given that standards. rates and the housing available remains for for inventory remains expect reasons inventory interest condition still

increase the $XXX I to end July. enjoying result through and ratio in PMIERs low our required a book quarter. existing look So dividend. a with positive billion to Reflecting quality from that force rate by maintained the company annual in we the declared, continued our our credit paid the position a performance, of business primarily and in economic transformed MGIC the encouraged excess we was increase while our be These holding we been of and long-term was insurance expect the do At in our reflects common the continue XX% of company holding quarter, million our the which low a portfolio after end ratio capital conditions slow. over not of quarterly perhaps seeing minimum number have and trends a authorized efficiency $X.X our received. slower recent Board at to was expect the our second broad This continue notices allow business new in will increasing grow, declines end, assets and second we persistency a PMIERs the quarters. quarter. prices should in XXX% along dividend we at Taking model, XX.X% and insurance at quarter are force confidence improving the stock although loss rate the conditions, home in than to annual of do delinquency of

maximize actions by COVID summary, company long-term stock. be strategy primary opportunities, financial the the policyholders to on our look and near-term holding I value In business to for retiring business the flexibility focused pursuing writing remaining company we mortgage believe on at debt, shareholders. new opportunities, management writing or for the while repurchasing and of company. dividends we support both ways prior continually the during taken pandemic paying success create the statement. more have to the capital long-term value and centers maintaining insurance, to can protect created Our This

and sheet. We have balance a strong dynamic

like the current that equation in and With the conditions this confident that, risk/reward We offer. to over it me are turn our positioning market let we in Nathan.

Nathan Colson

Tim Thanks, morning. good and

$XXX In second and net or on quarter, return last of XX% quarter an the we mentioned, $X.XX shareholders' diluted year. $XX had net the generated annualized share financial per Tim of equity. As earned per million $X.XX beginning or income we period to same This million share another of results. income compares strong diluted in

Of course, the incurred. of was year by losses material impacted and to the net COVID-XX in delinquencies, second increase quarter related in last increase associated the

was ceded XX.X losses second the which basis in-force the premiums year, revenues million the points, earned During increase through the primarily the period year, our total commission to the higher higher profit points quarter have $XXX main The quarter last result for compared with primarily X.X premium of net policies, which premium level second of was earned. compared the net share the million of transactions quarter generally compared quota older in the current due to lower attrition yield runoff a to premiums in increase yield the decrease last of in quarter, higher mainly with due to driver rates. quarter. to was decline were year. reinsurance basis premium last last net compared $XXX to current earned, down in in the the The The through

cancellations. decreased, premium less premiums refinance As we realized also benefit accelerated from earned activity policy from single

the quarter number quarter. quarter, quarter received we last losses the same second $XX $XX as and is $XX in XXXX. quarter, they last the to less represents million year of XX% million compared totaled of number $XXX which period to quarter second Shifting last notices $XX of notices, credit. quarter delinquency were million $XX the received start X% to million the In of of quarter. in last the million than million second the incurred in than and the X,XXX During over insured Net new compared of loans approximately and less the

level but trends an we in The defaults second of encouraged early second notices the small on IBNR received in immaterial loss quarter reported was a is of the in pandemic. litigation to million the approximately this of of some reserve quarter compared policy experiencing, approximately for disputes payment compared million We loss the of incurred to determined are are shocks, XXXX. estimated quarter increase they $X exception to second of to million XXXX there compared rather The the the the year. by X% last low reserves quarter A related to X.X%, second are quarter new development credit Barring million appears performance. $XX with on or that primarily years credit increase rule, received rate quarter approximately by several in near-term indicators including the believe any second good credit of the and claim the of in review The to XXXX. that of $XX the development not of quarter ago. increased than recording was delinquent of notices, to was reserve economic associated lingering due related unfavorable regarding from losses loss material XXXX previously it the the $XX

from on the activity loans cure loans of various claims eviction reserve of second delinquencies. have will claims eviction additional or very million. we low foreclosure of the of extended in XX% XX% substantial loans and of remain safeguards, from their $XX received been that we down cohort estimate end in few the the reported payments in XX,XXX forbearance last the XX,XXX CFPB to COVID-related Since our forbearance large XXXX, yet loans at be the primary quarter, the us adjustments approximately to the moratoriums approximately seen The to those remained claim and quarter due and has and to XX, period June delinquency the modest low to second for half for the moratoriums year, have next the were of notices introduced same forbearance any we inventory evidence at have these period seen in quarters. were remained number and Of reach GSE make expect the not foreclosure While in delinquency XXXX. paid we received in enough majority in and procedural quarter

our a minutes and about talking spend capital approach our to wanted I capital Next, and to of position sheet balance management. couple

share We to capital including forward and company commitment, markets excess the believe of a approach the maintaining loss company. strong maximize provides accessing our that ILN flexibility the of balanced value long-term to position, most holding by writing via both the for continue treaties use the reinsurance the to quota transactions, capital of

created pursuing value stock. new debt, business retiring As insurance, by Tim primary writing mentioned, repurchasing or opportunities, paying dividends more mortgage this can be

well subsequent the operating a well writing environment. Our means to level levels goal company and of changes company of maintaining target second the the At be transactions company. support approximately At company. level maintaining holding financial a writing needs. changes company, These flexibility even that excess had to liquidity both growth billion both target goal to the is robust at operating operating means positioned significant two in company. liquidity we the to the to writing company at environment any PMIERs, are of at the and quarter, holding of end a $XXX to for maintain and stress it times our million our dynamic the of were requirements the holding financial quarter of in flexibility company, minimum holding and enable end having PMIERs to this There access of access changes. enough directly near-term At the our $X.X and

months. loss in $XXX First, of our an excess. excess we of through increases protection most the reinsurance recent This executed transaction such transaction the provides loss million completed and PMIERs' ILN, transaction fifth XX third last our

quarterly interest The on increase the dividend. principal, some of Second, strategic funds holding company above our is deeper is have XX% the holding the liquidity common a near-term on level our that we opportunities common and to company. current of from time that for a target dividend target liquidity have levels, maturing company, million debt, years MGIC in we Taking holding our outstanding we multiple a paid for maintain dive debt dividend. $XXX supported growth said which stock designed payments to stock

share expect million $X.X current dividend $XXX our the the repurchase level year-end million that Additionally, above a which excess sufficiency the $XXX XXX% or the we remaining and XXXX. a the we Taking requirement its our holding expiration as intend at supported of quarter resume at prior will use is June to in to our PMIERs company. MGIC program It repurchase fully ratio, we authorization company. closer to PMIERs writing third to target from was billion and XX, look

as Going holding forward, company, discussions to about we MGIC's appropriate. we'll and position our to the continue will assess additional dividends capital continue OCI with

capitalize to on are As Tim market feel well available the to mentioned opportunities should robust us. we a market we housing positioned that make

holding being business a reinsurance strong for that program our low growing in-force management long-term of create a quality we back delinquencies, for business and company of me and company of counterparty allowing a capital that, market believe it book level currently is will the us Given a our the value well-capitalized to written, let Tim. strategy presence, to turn continue generating our comprehensive to new shareholders, customers. writing while be that With

Tim Mattke

Thanks, Nathan.

housing successful questions, to topics. additional moving infrastructure. from affordable to mitigation closure administration a impacted for its economic recovery, me for and access the opposed early Before finance large-scale let by a housing few COVID-XX that on changes eviction homeowners to to housing it Biden sustainable address indications going the policy to is ensuring The efforts focus and and

we FHFA new policy that acting not the Sandra will more of our from company Thompson, to time the challenges U.S. in government early this expect years. new Director we I'd will the of aware over several it's coordinated of next any at various provide the or effort industry. XX see agencies are housing years Although, a initiatives

enhancement increased to reduce remain the a company finance for believe some be in system. Long while loans share the the exposure taxpayer of about economic to mortgage and in COVID-XX points cycle. credit pandemic future all industry can high that scarce industry, housing housing view. at I term, role a the housing participants LTV We finance to private other use maintaining housing play with similar or various for our finance will that finance continue to order still can housing advocate and provided in unavailable regulators encouraged resilient The options of and insurance policymakers

in and offer to and At does insurance one solely and and many number barrier market, in we buyers. we consumers decreasing insurance to to to In were only newly Not day proposition day economic low and are our dedicated down of housing focused housing the provide delinquencies mortgage moderate out company great writing experiencing in a already are MGIC, payment. to all solutions our the industry high on the income homeownership delinquency are levels currently the and borrowers However, first-time lenders for industry, and enhancement summary, levels support new reported those credit GSEs organized solutions and critical home cycles. overcome both private providing offers value the especially inventory. of and capital it to lenders,

risk/reward the is have the sheet portfolio debt-to-capital We flow balance strong a program. that like a premium in I contractual supported business dynamic book market investment has the ratio, offer. our confident nearly robust and that by of billion and a am reinsurance positioning low underlying credit $X conditions in and characteristics, an current with which we equation strong a of

for to place strong operator, let's to shareholders. returns our to competitive questions. our continue generate to have our right deliver that, foundation customers We and take the in team build offerings best-in-class service solid and off With

Operator

DeVries. from [Operator Your Mark first question Instructions] is

open. Your line is

Mark DeVries

I was little on of drill the all some help on kind company, excess Nathan, to liquidity the writing of then a leaves more of But think for hoping first holding could about was kind the for Thanks. helpful. you have buybacks? you just have given maybe us and that that color, the for of thanks you the of from And excess obligations to what down position. at potential expectation kind kind dividend quantify up the company? what how dividends maturities capital continued it elaborate Yeah.

Tim Mattke

capacity company. debt a to bit From answer on that part turn company. able and Sure, really question we're holding to dividend dividend first back be let a Nathan excited to MGIC holding the I'll the of Tim. Mark. the on It's standpoint, and stream little take on the from

right we started, happy time. the it the As We you know was were was the dividends once our right pandemic felt OCI those it time. the felt that ceased regulator

results we'll of reflective with have be. level what the might it's a and out. we But we period where I future million at also the early that that discussions So $XXX too level strong to view say continue of to the But that we're financial OCI dividends. dividending about is cadence and the think hopefully weren't -- going of what is

Nathan Colson

Nathan. it's Mark,

laid holding of kind list think to relative we that the Just we for think to company we'd I the out liquidity like of what cover.

I with repurchase remaining think the we coming also to the use do comfortable that $XXX dividend expect full felt million up that authorization.

a exactly clearly above target appropriate. levels, we to the able levels them we We view partly because conditions market specific react think like our be too to are target current as current little felt had but bit those do on as haven't I -- we to dynamic. what I gotten think want So and

So continue levels actions above target I taken going leave think that just feel to we do forward. we that had which like supported with we've the you we'll and reassess

Mark DeVries

Okay. Got it.

a Tim, writing up expect -- $XXX million that holdco cadence Just you points. million? of you to that liquidity those already like -- few ultimately does pre-COVID? of get back the the of kind $XXX regular And the company a kind had from mentioned is of clarifying you does dividends is to include Nathan do

Nathan Colson

be last above question pro so $XXX in forma Mark, June million was this million that was paid XX. basis addition to dividend is The million. I'll The on as there take $XXX of first. that $XXX Nathan. slightly something the there subsequent a would

Mark DeVries

Got it.

Tim Mattke

your be we to regular back cadence. question Mark cadence. would regular hope about get And to My

with. comfortable us is we get OCI out out what amount think get of the the of to the MGIC have ultimately to is and that dialogue is we should think most important to I be able

now on right operating get know would expectation but that. be we And So continue now, we I pre-COVID. right that regulator. But quarterly was would those that with I how hope back to we we're were cadence if conversations I to that what guess don't have will again, and that back our a means

Mark DeVries

you. Great. Okay. Thank

Tim Mattke

Thanks.

Operator

George. is Your Bose from question next

Your now line open. is

Bose George

guys. Hey, capital. more the Good on morning. just Actually one

terms that the maturity it? sort I of of to next access the refinanced increase at access In is extent the you essentially look at the the does at that way guys mean, then point the holdco that

Nathan Colson

Bose, Nathan. is this

the target in we've debt now couple got next right of years. the liquidity fact include think would maturing some the I that

if case kind we then conditions. on reassess So would the based wasn't that of those

Bose George

your default switching And Thanks. to then over Great. Okay. claim. actually to just

this quarter. new X% was that was So I earlier. versus on X% that notices And guess

that. just the curious of drivers about So,

Nathan Colson

again. Yes. It's Nathan

what think claim the prepared in -- remarks, I approximately was the notice new X.X%. rate

bit that's from of little bit a of XX% of more second think quarter off So up today. quarter but I flat little the it's year. a forbearance the notices second quarter-over-quarter, But the was up whereas last year last in normalized north memory number

view quarters. really perspective rate new trending notice this been change didn't in we've from few So the much our to compared over the last where claim quarter

Bose George

Okay. one Actually Thanks. maybe Great. just more.

of quarter, was next And In the of the terms continue for bottom? few little cadence reduction should see over point when the one that could kind premium basis quarters? margin that a in we this that

Nathan Colson

we've mean, what I for do expect some again. to Nathan, I said Yes, that we to think trend time down. as do continue

point quarters. I other think you at reinsurance that really that's on exact of of accelerated yield in-force rate run that next particularly yield lot get to due out to couple between beyond factors. think for is been one But become do point. to the has the due decent and much quarter-over-quarter to focusing and a more difficult that think I of it but variables as -- dependent starts net transactions a basis on singles, least pace down X.X basis coming judge premium I premium and the

I lot difficult and XXXX subject So think happened through or say probably XXXX happen beyond. really balance that that things that's and out yet bottoms little to a of will a haven't to it that and the where if into of

Bose George

Okay. Great. Thanks.

Operator

Your Geoffrey next question Dunn. is from

open. now is line Your

Geoffrey Dunn

more increase be a shift Thanks. strategy trying specialists? with it I that quarterly are evolved you to substantial was COVID, or your amount still possibly to forward? wanted something much opco to think going the supplemented to $XX Or quarter revisit Would a them to million capital. thinking about had annual special. Entering that intention to I dividend

Tim Mattke

Geoff, good it's the Tim. It's tell OCI I you that. a continue would question. in dialogue with we to

had because preference flow been quarterlies, up at company. matched holding it's and to the Our cash the interest dividend

question at think this special, to expectation we sort an hope out I I get that more the annual why And to is for think response us. on of that with basis. get we I think point. my think know earlier that the ultimately there. back combination worked in So based But get I'm the that's I back I well there along upon that level on what focused can I But

don't I versus we to that little that's And why, the a -- want quarterly until we're I with is bit guess, I a cadence, just back OCI. cadence I'm dialogue that that hedging so on continue see quarterly guess over-promise I

Geoffrey Dunn

I an lot Okay. people of And is excess as you mean, a then the consider opportunity, as capital dividends, buildup think I about obviously ROE but drag. it think

as at that hundred it, Are can So constraints some of -- low you that what I bring seems any to couple Board's million? capital. Is like there look a as management's and level surplus it measure just down no don't way too has much certain a prefer hold or know industry companies you'd I there since the perspective? matter from mean,

Nathan Colson

Geoff, has billion. maybe in it's $X.X MGIC company about operating our Nathan. I'd surplus billion say, $X.X primary

don't I close we any think floor would be this point level. particularly to at So

the of still with that we've think near-term. running with in little I same have a But is companies the consider don't thing reserves. would regulators surplus, if lot but So capital you it something be the that that consider comfortable we when contingency observed I relatively think gotten

Geoffrey Dunn

is ILNs debt-to-cap than debt from in pieces upper to notes a perspective? two the lower the teens Is industry in XXXX. the leverage still then of notes in considering due FHLB Okay. Or run think And coming ratio appropriate to that that have and added? senior then you is thing your last your have I a there mid desire

Nathan Colson

Nathan. It's

Home for really question. Federal I company was the issued. for Bank provide had company the to holding that the debt operating to good initially mean, used a us I junior the liquidity repurchase outstanding Loan converts it's think

capital. So that kind I right that I've but as of at it permanent repaying looked don't the economics think now. don't of we like view doing

kind I off So no to that. just think refinancing really run that's of at point going thought this with around

we ratio think of But think we're where of terms we I to today. I don't we kind with with pretty debt-to-capital comfortable long-term the are at feel be I like same we'd comfortable delever. the In think there debt-to-capital need debt-to-capital time longer-term are below a ratio to one for the that range. Moody's, that's today. And an upgrade where XX% I of will instance, potentially in out has leading put factors the the be

over So think comfortable for be the I mid-teens would something time. in also us

Geoffrey Dunn

Thank Okay. you.

Operator

question next from Cullen Johnson. Your is

now is line Your open.

Unidentified Analyst

that morning. of just Thanks. my here loss Is but it that those kind good I bit Good freed of capital for are recent a contemplated? at of of of was kind fair that question. capital there? was Thanks as talked increase to made deal. the byproduct know, share before we've about dividend excess August resumption almost looking a Or taking and the up repurchase reinsurance decisions already think the

Nathan Colson

It's Yes. Good question. Nathan.

our ILN it. certainly continuing in did that's of execute risk on the we in months distribution August think certainly strategy. a prepared I for It's remarks was third us. the said the in like mean to XX last piece I I the transaction that

a don't one. I So I one wouldn't for -- tie

quarter I treaties second we've improved tight the transactions. plus most results and I how have that -- last probably operating post reinsurance guess these a it's think But wouldn't importantly done plus make we've between holistic of generated and the link August of I too capital draw the issuance the ILN of the just that year. organically

Unidentified Analyst

to of it. gears just appreciation. Got then shifting price helpful. helpful. little bit And That’s kind That's a home

rate given So to you? position to borrowers that reduce foreclosure in of for out a we've you seeing the of the price appreciation in has the data play home Are available the incentive situation. in go equity. you kind borrowers that that have to of That put kind are of seen should positive

Nathan Colson

But there said a as this is claim progress I incidents price dealing mean with home for severity and is for at not moratoriums a like go a But to we've We're and averages aren't positive average time this claims. like. well. difficult still certainly really price -- through. pay we again, think even foreclosure claim point the in I of rising potentially loans. positive We're loans appreciation broad-based markets that seeing with and home Nathan just over the the it's lot

So that a benefit. paid-to-exposure being below that of, I put we in in seen out last be do likely to certainly think quarters. it's We've kind ratios the that few the, XXX

I the that still home price still current rising But even think I in think going of that's we reflective environment. expect environments pay we're to claims.

Unidentified Analyst

Okay.

my So we that more were on you. as a color Thank questions. to moratoria might out. be see little Those able foreclosure bit does run

Nathan Colson

Thanks.

Operator

question next Mihir from Your is Bhatia.

now Your line is open.

Mihir Bhatia

questions asked already. Hi, good have questions. morning and return capital thank you for taking my A lot the of been

delinquencies. on -- reserves just quick just I'll on maybe and one the ask So, a

Your in results it was is about delinquency the XXXX, XX,XXX-ish. That's about level XXXX. to for up

fact home about maybe And So, surprised the what forbearance-related. is how it how about how still it? of many Or we thinking here? your I'm Just -- delinquencies the should we should situation from that to that I high. given guess, I'm it that so stay appreciation price a little here be develops? about strong are should thinking we like the thinking that as would question how are trying my you from understand trending be

Nathan Colson

Sure, it's Nathan.

I few so of point. think at fact the via claim it's being largely delinquent loans are a resolved this that function

the math our reserve continues that your don't that is for foreclosure with really ones whether a year. year, early remain extended XX balance next way even of to initial and months kind the this the loans estimates, up. that of through changes not So, resolution go to the to of not And until of the change making comfortable estimates they cure periods paid average there's lot works we're so with be kind going into maybe forbearance clear being to the moratoria it's then

a So, be going or I they methodology are don't really quarter that or or in think a it's were those that belief reserve ago. change not worse to loans a now two that is philosophy than

Just resolution XX-month time. got the in seeing bucket we're kind remain a had there than that that fact we've the those lot of more at that delinquent the so not we

current kind cures. the So, other think artifact the it's of there's of and really I situation now resolved an largely just nothing right fact being that than

we we're and I feel adjust continue seen So until comfortable to have to our will estimates, want that same to play like think enough initial data out. to process ready

Mike Zimmerman

it's Mihir, Mike. Yes,

because a to the but agent loans XXXX, Just is of XXXX. true the books vintage to XXXX newer like lot all about said things too they've higher XXXX, of too that have those add there years than the balances are right the is the forbearance

have what you all said it reflects. as it's So, larger loans they've plus

Mihir Bhatia

Got it.

guess two place. was seeing you No, Okay. more or general. And I little comments more. predict the or in seeing like then to the them very Thank that higher the I if question yield that. pricing understand it like in -- But some today? just the I a you intensity it's level there one environment ago about just competition your wanted helpful. market on price -- quarter taking but Talk competition to felt taking a quarters you. Thank will pricing. in-force certain is that about just What trending a ago are where even appreciate lot talk versus maybe in about of me bit market say more competitive today I you. difficult you're for lower price

Tim Mattke

specific to don't on Yes, pricing. it's like too Tim. talk Again, we

think I the assume onto associated perspective to last insuring we've I -- are at months the back in Again loans industry. before pandemic is I the we risk look and it about our others talked higher associated with think perceived risk the that least. I XX XX from over

increases. price saw we So,

normalized that's the housing I think been period really come economies continue to and resilient in been particular guess over only I time be as of robust down the but has not strong. actually

other really so heard from current we and of we're observe and think housing people is I equation. And saw as last economy people see generating returns we say as feel still viewing market what that pricing But pricing can think but think to other reflective and pricing you what how it. good -- we we've you I think current I feel that, the necessarily assume normalize. are I quarter And still a based really exactly what people about safe see standpoint, good we we with market collecting think don't talked upon competitive it's far sort I of current strong as know maybe risk/return our this

Mihir Bhatia

Thank Okay. you.

Tim Mattke

Sure.

Operator

And to Mr. no Mike back further questions. turn call would like please Zimmerman. ahead. to the go Sir, I now

Tim Mattke

just and to Sure. for MGIC interest This will wanted I talk is everyone Thanks. their soon. thank we Tim. in

Operator

participating. today's And call. this you conference concludes Thank for

You may now disconnect.

MGIC Investment (MTG) 5 Aug 212021 Q2 Earnings call transcript