MGIC Investment Corp. Files Definitive Proxy Statement

Ticker: MTG · Form: DEF 14A · Filed: 2024-03-22T00:00:00.000Z

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, MGIC Investment Corp., Executive Compensation, Equity Awards

TL;DR

<b>MGIC Investment Corp. has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023, detailing executive compensation and equity award information.</b>

AI Summary

MGIC INVESTMENT CORP (MTG) filed a Proxy Statement (DEF 14A) with the SEC on March 22, 2024. MGIC Investment Corp. filed a Definitive Proxy Statement (DEF 14A) on March 22, 2024. The filing covers the fiscal year ending December 31, 2023. It includes information on equity awards and pension benefits adjustments for PEO and Non-PEO members. Data for equity awards granted during the year, reported value, and vested/unvested awards from prior years are detailed for 2023, 2022, 2021, and 2020. The company's principal executive offices are located at 250 East Kilbourn Avenue, Milwaukee, WI.

Why It Matters

For investors and stakeholders tracking MGIC INVESTMENT CORP, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, including equity awards and pension benefits, which can influence investment decisions. As a DEF 14A filing, it outlines proposals to be voted on at the shareholder meeting, allowing investors to understand and participate in corporate governance.

Risk Assessment

Risk Level: low — MGIC INVESTMENT CORP shows low risk based on this filing. The filing is a routine proxy statement and does not contain new financial performance data or significant operational changes, indicating a low level of immediate risk.

Analyst Insight

Review the detailed executive compensation and equity award information to assess alignment with company performance and shareholder interests.

Key Numbers

Key Players & Entities

FAQ

When did MGIC INVESTMENT CORP file this DEF 14A?

MGIC INVESTMENT CORP filed this Proxy Statement (DEF 14A) with the SEC on March 22, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by MGIC INVESTMENT CORP (MTG).

Where can I read the original DEF 14A filing from MGIC INVESTMENT CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MGIC INVESTMENT CORP.

What are the key takeaways from MGIC INVESTMENT CORP's DEF 14A?

MGIC INVESTMENT CORP filed this DEF 14A on March 22, 2024. Key takeaways: MGIC Investment Corp. filed a Definitive Proxy Statement (DEF 14A) on March 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. It includes information on equity awards and pension benefits adjustments for PEO and Non-PEO members..

Is MGIC INVESTMENT CORP a risky investment based on this filing?

Based on this DEF 14A, MGIC INVESTMENT CORP presents a relatively low-risk profile. The filing is a routine proxy statement and does not contain new financial performance data or significant operational changes, indicating a low level of immediate risk.

What should investors do after reading MGIC INVESTMENT CORP's DEF 14A?

Review the detailed executive compensation and equity award information to assess alignment with company performance and shareholder interests. The overall sentiment from this filing is neutral.

How does MGIC INVESTMENT CORP compare to its industry peers?

MGIC Investment Corp. operates in the surety insurance industry, providing mortgage insurance.

Are there regulatory concerns for MGIC INVESTMENT CORP?

As a publicly traded company, MGIC Investment Corp. is subject to SEC regulations, including the requirement to file proxy statements (DEF 14A) for shareholder meetings.

Industry Context

MGIC Investment Corp. operates in the surety insurance industry, providing mortgage insurance.

Regulatory Implications

As a publicly traded company, MGIC Investment Corp. is subject to SEC regulations, including the requirement to file proxy statements (DEF 14A) for shareholder meetings.

What Investors Should Do

  1. Analyze the executive compensation details provided in the proxy statement.
  2. Review any proposals or resolutions presented for shareholder vote.
  3. Assess the company's disclosures regarding equity awards and their impact on dilution.

Key Dates

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure for public companies and does not represent a change from previous filings in terms of its nature, but provides updated information for the current fiscal year.

Filing Stats: 4,511 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-03-22 12:54:28

Key Financial Figures

Filing Documents

– Election of Directors

Item 1 – Election of Directors 25 Compensation of Directors 26

– Advisory Vote to Approve Our Executive Compensation

Item 2 – Advisory Vote to Approve Our Executive Compensation 29 Compensation Discussion and Analysis 29 Executive Summary 30 Key Takeaways 30 Shareholder Outreach and Consideration of "Say on Pay" Vote s 32 Compensation-Related Policies and Best Practices 33 Objectives of our Executive Compensation Program 35 How We Make Compensation Decisions 36 Benchmarking 38 Components of our Executive Compensation Program 40

– Advisory Vote to Approve Our Executive Compensation (Continued)

Item 2 – Advisory Vote to Approve Our Executive Compensation (Continued) Other Aspects of our Executive Compensation Program 50 Compensation Committee Report 52 Compensation and Related Tables 53 Summary Compensation Table 53 2023 Grants of Plan-Based Awards 55 Outstanding Equity Awards at 2023 Fiscal Year-End 56 2023 Stock Vested 57 Pension Benefits at 2023 Fiscal Year-End 58 Potential Payments Upon Termination or Change-in-Control 60 Change in Control Agreements and Severance Pay 61 2023 CEO Pay Ratio 63 2023 Pay for Performance 64

– Ratification of Appointment of Independent Registered Public Accounting Firm

Item 3 – Ratification of Appointment of Independent Registered Public Accounting Firm 70 Audit Committee Report 71 Other Matters 72 Stock Ownership 72 About the Meeting and Proxy Materials 74 Appendix A – Glossary of Terms and Acronyms App A - 1 Appendix B – Explanation and Reconciliation of Non-GAAP Financial Measures App B - 1 MGIC Investment Corporation P.O. Box 488 MGIC Plaza, 270 East Kilbourn Avenue Milwaukee, WI 53201 Proxy Statement Our Board of Directors is soliciting proxies for the Annual Meeting of Shareholders to be held Thursday, April 25, 2024 at 9:00 a.m. Central time, via webcast at www.virtualshareholdermeeting.com/MTG2024, and at any postponement or adjournment of the meeting. In this Proxy Statement we sometimes refer to MGIC Investment Corporation as "the Company," "we" or "us." This Proxy Statement and the enclosed form of proxy are being mailed to shareholders beginning on March 22, 2024. If you have any questions about attending our Annual Meeting, you can call Investor Relations at (414) 347-2635. Proxy Summary This summary highlights information contained elsewhere in our Proxy Statement and does not contain all of the information you should consider. Please review the Company's complete Proxy Statement before voting. Please refer to our Glossary of Terms and Acronyms in Appendix A to this Proxy Statement for definitions of certain capitalized terms. Voting Matters and Board Recommendation Proposal Voting Matter More Information Board Vote Recommendation 1 Election of Thirteen Directors Page 25 FOR each Director Nominee 2 Advisory Vote on Executive Compensation Page 29 FOR 3 Ratification of Independent Registered Public Accounting Firm Page 70 FOR MGIC Investment Corporation – 2024 Proxy Statement 1 PROXY SUMMARY Our Business Strategies and 2023 Highlights Through our subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), we are a leading provider of mortgage insurance to lenders throughout

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