MGIC CEO Compensation Fell 38 Pct In 2008
Stock quotes in this article:
MTG
IEVA M. AUGSTUMS
CHARLOTTE, N.C. (AP) — MGIC Investment Corp.'s chairman and chief executive, Curt Culver, received compensation valued at almost $3.9 million in 2008, down 38 percent from the previous year, according to an analysis of figures disclosed Monday in a regulatory filing. The lower compensation for MGIC's CEO came during a tumultuous year for the insurance sector. The sector struggled along with the broader financial-services sector as the credit crisis mushroomed throughout the year. In 2007, Culver received more than $6.3 million in compensation. The Milwaukee-based mortgage insurer posted a narrower loss of $518.9 million, or $4.55 per share, for 2008, compared with a loss of $1.67 billion, or $20.54 per share, in 2007. The company said its results reflected mortgage borrowers falling behind on payments amid falling home values and a recession. MGIC writes insurance policies promising to reimburse mortgage lenders when borrowers default. Culver's base salary was $855,577 in 2008, up 4 percent from the $821,923 he received in 2007. He received a performance-related cash bonus of $349,073 in 2008.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,471.50 | 1,106.41 | 2,190.31 | 35.40 |
Oil *
71.73
|
|
UP
65.67
|
UP
4.06
|
DOWN
0.55
|
UP
0.58
|
10 Yr
3.54%
SPDR Gold
109.32
|
|
+0.63%
|
+0.37%
|
-0.03%
|
+1.67%
|
Data delayed 20 minutes |














