Northwestern Mutual annual conference expected to draw 10,000 to Milwaukee; MGIC returns to profitability
Northwestern Mutual annual conference expected to draw 10,000 to Milwaukee
Northwestern Mutual’s 130th annual meeting of the Association of Network Representatives is taking place in Milwaukee through Thursday in Milwaukee, and is expected to draw roughly 10,000 members of Northwestern Mutual and their families. The event has an annual economic impact of about $8 million, according to VISIT Milwaukee.
“This meeting supports the local $2.3 billion tourism economy and the 57,000 local jobs that work in the industry,” said Paul Upchurch, president and CEO of VISIT Milwaukee. “Northwestern Mutual has set the example for 130 years by keeping their meetings in Milwaukee.”
MGIC returns to profitability
MGIC Investment Corp. has posted its first quarterly profit in almost three years, a promising sign for the nation’s housing market.
The Milwaukee-based company reported second quarter net income of $24.6 million, or 13 cents per share, compared with a net loss of $339.8 million, or $2.74 per share, in the same period a year ago.
MGIC’s total quarterly revenues were $406.4 million, compared with $454.5 million a year ago. Net premiums written for the quarter were $295.3 million, down from $330.4 million last year.
MGIC is the nation’s leading provider of private mortgage insurance coverage.
In a conference call with analysts last week, MGIC chief executive officer Curt Culver said much of his company’s fate is tied to the nation’s employment trends.
“We hope we’re moving forward as a country on that, but that’s a challenge,” Culver said.