MGIC CEO Compensation Fell 38 Pct In 2008

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.