MGIC Investment Corporation, a provider of private mortgage insurance, has reported a net loss of $34.4 million for the first quarter ended March 31, 2008, compared with a net income of $92.4 million for the same quarter in 2007.
Total revenues for the quarter grew to $423.9 million from $369.6 million in the corresponding quarter of 2007. Net premiums written for the period were $368.5 million, compared with $304 million in the first quarter of 2007.
As of March 31, 2008, MGIC’s primary insurance in force was $221.4 billion, compared with $178.3 billion at March 31, 2007.
Curt Culver, chairman and CEO of MGIC Investment Corporation, said that the company’s financial results continued to be impacted by increases in both the number of delinquent loans and foreclosures that have resulted as home prices declined further and the economy slowed.
In addition, higher loss severities and lower cure ratios, especially in California and Florida, also negatively impacted results.