More Financial News

Acuity expands into Pennsylvania; MGIC ‘not out of the woods yet’; The Equitable Bank honored by SunTrust Mortgage Corp.

Acuity expands into Pennsylvania

Sheboygan-based Acuity Insurance will soon begin writing insurance in Pennsylvania and is appointing agents in the state.

“Agents need the resources of carriers that have the proven strength to meet their commitments,” said Acuity president and chief executive officer Ben Salzmann. “Acuity brings to Pennsylvania a history of over 80 years of doing business with independent agents and a commitment to protecting and enhancing the well-being of the individuals, families, and businesses who are their customers.”

The property and casualty insurance provider operates in 20 states, writes $750 million in premium through over 1,000 independent agencies and manages over $2 billion in assets.

“Pennsylvania, with its large and profitable market, offers tremendous potential, and Acuity has much to offer,” Salzmann said.

MGIC ‘not out of the woods yet’

Milwaukee-based MGIC Investment Corp. reported a first quarter net loss of $150.1 million or $1.20 per share, compared with a net loss of $184.6 million, or $1.49 per share, in the same period a year ago.

Total revenues for the first quarter were $370.8 million, down from $435.2 million in the first quarter last year. Net premiums written for the quarter were $256.1 million, down from $347.5 million for the same period last year.

New insurance written in the first quarter was $1.8 billion, compared to $6.4 billion in the first quarter of 2009.

In a conference call with analysts, Curt Culver, chief executive officer of MGIC, said, “Clearly we are not out of the woods yet, as evidenced by our financial results. Which continue to be impacted by the high level of delinquencies and the low level of cures that occurred over the last two years and the low level of new insurance written … For the first time in a long time, we are beginning to see a few signs of encouragement, namely a higher level of cures, fewer new notices and increased modifications.”

MGIC has commenced a public offering of $700 million of its common stock and $300 million aggregate principal amount of its convertible senior notes due 2017. The convertible senior notes will be convertible into shares of the company’s common stock.

The Equitable Bank honored by SunTrust Mortgage Corp.

Wauwatosa-based The Equitable Bank has been awarded the 2009 SunTrust Mortgage Partner of the Year Award by SunTrust Mortgage Corporation in recognition of the bank’s loan quality, volume and positive working relationship.

“Working with the SunTrust Mortgage Division contributed significantly to providing our customers and the community we serve with historically low rates during 2009. This award is a tribute to that partnership and also the hard work of our loan officers, processing, closing, underwriting and servicing staff,” said John Matter, president and CEO of The Equitable Bank.


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