mtg-20230323

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )


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MGIC Investment Corporation

(Name of Registrant as Specified In Its Charter)

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MGIC Investment Corporation

Notice of 2023 Annual Meeting of Shareholders


When:	Items of Business:

Thursday, April 27, 2023, at 9:00 a.m. Central time. Admittance to the webcast begins at 8:45 a.m.	1	Election of twelve directors

	2	Advisory vote to approve named executive officer compensation

Where:	3	Advisory vote on the frequency of future advisory votes on executive compensation
Via webcast at www.virtualshareholdermeeting.com/MTG2023
	4	Ratification of appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2023

	5	Any other matters that properly come before the meeting

Your vote is very important. Whether or not you plan to attend our Annual Meeting, we encourage you to read our proxy materials and to vote as soon as possible using one of the methods described beginning on page 70.


By Order of the Board of Directors,

Paula C. Maggio
Executive Vice President, General Counsel and Secretary
March 24, 2023


OUR PROXY STATEMENT AND 2022 ANNUAL REPORT TO SHAREHOLDERS ARE AVAILABLE AT HTTPS://MATERIALS.PROXYVOTE.COM/552848.

Table of Contents


Proxy Summary			1
Corporate Governance and Board Matters			7
Corporate Governance Guidelines and Code of Business Conduct			7
Director Independence			7
Related Person Transactions			8
Board Leadership			9
Communicating with the Board			9
Director Selection			10
Oversight of Risk and Corporate Sustainability Matters			12
Board Meetings and Committees			13
Nominees for Director			17
Item 1 – Election of Directors			21
Compensation of Directors			22


Item 2 – Advisory Vote to Approve Our Executive Compensation			25
Compensation Discussion and Analysis			25
Executive Summary			26
Key Takeaways			26
Shareholder Outreach and Consideration of “Say on Pay” Votes			28
Compensation-Related Policies and Best Practices			29
Objectives of our Executive Compensation Program			30
How We Make Compensation Decisions			31
Benchmarking			32
Components of our Executive Compensation Program			35


Item 2 – Advisory Vote to Approve Our Executive Compensation (Continued)
Other Aspects of our Executive Compensation Program			44
Compensation Committee Report			46
Compensation and Related Tables			47
Summary Compensation Table			47
2022 Grants of Plan-Based Awards			49
Outstanding Equity Awards at 2022 Fiscal Year-End			50
2022 Stock Vested			51
Pension Benefits at 2022 Fiscal Year-End			52
Potential Payments Upon Termination or Change-in-Control			54
Change in Control Agreements and Severance Pay			55
2022 CEO Pay Ratio			57
2022 Pay for Performance			58


Item 3 – Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation			64


Item 4 – Ratification of Appointment of Independent Registered Public Accounting Firm			65
Audit Committee Report			66
Other Matters			67
Stock Ownership			67
About the Meeting and Proxy Materials			68
Appendix A – Glossary of Terms and Acronyms			App A - 1
Appendix B – Explanation and Reconciliation of Non-GAAP Financial Measures			App B - 1


			MGIC Investment Corporation P.O. Box 488 MGIC Plaza, 270 East Kilbourn Avenue Milwaukee, WI 53201

Proxy Statement

Our Board of Directors is soliciting proxies for the Annual Meeting of Shareholders to be held Thursday, April 27, 2023 at 9:00 a.m. Central time, via webcast at www.virtualshareholdermeeting.com/MTG2023, and at any postponement or adjournment of the meeting. In this Proxy Statement we sometimes refer to MGIC Investment Corporation as “the Company,” “we” or “us.” This Proxy Statement and the enclosed form of proxy are being mailed to shareholders beginning on March 24, 2023. If you have any questions about attending our Annual Meeting, you can call Investor Relations at (414) 347-2635.

Proxy Summary

This summary highlights information contained elsewhere in our Proxy Statement and does not contain all of the information you should consider. Please review the Company’s complete Proxy Statement before voting. Please refer to our Glossary of Terms and Acronyms in Appendix A to this Proxy Statement for definitions of certain capitalized terms.

Voting Matters and Board Recommendation


Proposal	Voting Matter	More Information	Board Vote Recommendation
1	Election of Twelve Directors	Page 21	FOR each Director Nominee
2	Advisory Vote on Executive Compensation	Page 25	FOR
3	Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation	Page 64	1 YEAR
4	Ratification of Independent Registered Public Accounting Firm	Page 65	FOR

Our Business Strategies and 2022 Highlights

Through our subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), we are a leading provider of mortgage insurance to lenders throughout the United States and to Fannie Mae and Freddie Mac (the GSEs). Our business strategies are to 1) maximize the value we create through our mortgage credit enhancement activities; 2) differentiate ourselves through our customer experience; 3) establish a competitive advantage through our digital and analytical capabilities; 4) excel at acquiring, managing and distributing mortgage credit risk and the related capital; 5) maintain financial strength through economic

MGIC Investment Corporation – 2023 Proxy Statement │ 1

PROXY SUMMARY

cycles; and 6) foster an environment that embraces diversity and best positions our people to succeed. As we discuss in the Compensation Discussion & Analysis (CD&A), the compensation of our Named Executive Officers (NEOs) is tied to our financial performance and to performance against business objectives that directly support these business strategies.

We began 2022 with uncertainty about inflation and interest rates. Additionally, the volume of mortgage originations was expected to be 30% lower in 2022 than in 2021. Home prices increased by 17.9% in 2021, but in 2022 the rate of appreciation slowed (seasonally-adjusted Purchase-Only U.S. Home Price Index of the FHFA) and interest rates increased steadily. Despite these headwinds, we demonstrated strong performance, including against performance measures that are considered in determining the annual bonus and long-term equity compensation of our NEOs.

We earned record net income of $865 million on revenues of $1.2 billion. As shown by the metrics below, in 2022, our new insurance written was $76.8 billion, reflective of our performance and the market size; our insurance in force reached an all-time high of $295 billion; and our adjusted net operating income per diluted share grew by 51%. These metrics, among others, were considered when determining the 2022 bonuses of our NEOs and our success in advancing our business strategies.

New Insurance Written (NIW)

(billions)1

Insurance in Force (IIF)

(billions)2

Adjusted Net Operating Income per Diluted Share3


1			For purposes of the bonus plan, NIW includes (i) traditional loan level insurance, (ii) loan level insurance executed through a managing agent or directly with a GSE or other entity, and (iii) credit risk transfer (calculated as 1/3 of the unpaid principal balance of the loans committed to be insured by us during the year). NIW received credit for bonus purposes only if its expected risk-adjusted return on capital exceeded the Company's hurdle rate. Because the NIW for the bonus plan includes a more comprehensive definition of NIW when compared to the primary NIW disclosed for financial reporting purposes, NIW figures shown in our financial reporting differ slightly from what is shown in this Proxy Statement.
2			For purposes of the bonus plan, IIF is the unpaid principal balance, as reported to us, of the loans insured by us, as of the end of the year, adjusted for financial impacts of GSE-mandated mortgage insurance cancellations inconsistent with prior business practices.
3			This is a non-GAAP measure of performance. For a description of how we calculate this measure and for a reconciliation of this measure to its nearest comparable GAAP measure, see Appendix B to this Proxy Statement.

2 │ MGIC Investment Corporation – 2023 Proxy Statement

PROXY SUMMARY

Following are several additional 2022 accomplishments that furthered our business strategies.


Business Strategy		Results
Maximize value created through mortgage credit enhancement activities	è	Earned $865 million of net income on $1.2 billion of revenues, compared to $635 million in 2021. Earned a 17.8% return on beginning shareholders' equity. Increased book value per common share by 4.2%.
Differentiate through customer experience	è	Transitioned our sales team to three regions from four. Our sales team continues to be a core and sustainable strength - it is a brand built over decades. Created a Customer Experience team to further modernize and differentiate the value we provide to our customers.
Establish competitive advantage through digital and analytical capabilities	è	Developed models to better forecast the mortgage insurance market and the Company's performance. Continued enhancement to our risk-based pricing tool, MiQ, to better compete in an increasingly dynamic market. Established new governance to oversee technological investment and lead an enterprise-wide business prioritization process.
Excel at acquiring, managing and distributing mortgage credit risk and related capital	è	Expanded our reinsurance program by: •Executing a 15% quota share reinsurance agreement covering the majority of our 2022 and 2023 NIW. •Entering into a $473.6 million excess of loss reinsurance agreement executed through an insurance linked note transaction. •Placing first forward-commitment excess of loss reinsurance agreement providing up to $175 million in limit covering 2022 NIW. These transactions allowed us to better manage our risk profile and provided a source of capital relief.

MGIC Investment Corporation – 2023 Proxy Statement │ 3

PROXY SUMMARY


Business Strategy		Results
Maintain financial strength through economic cycles	è	Moody's Investors Service upgraded MGIC's financial strength rating to A3 and the Issuer Credit Rating of MGIC Investment Corporation was upgraded to Baa3. Maintained financial strength and capital flexibility while paying shareholder dividends of $0.36 per share for the year, a 29% increase from 2021. Repurchased 8.7% of our shares outstanding at the beginning of the year. Repurchased $89.1 million principal balance of our outstanding 9% Junior Convertible Debentures, which eliminated approximately 6.8 million potentially dilutive shares. Our debt-to-capital ratio was 10.7 at year-end 2022, compared to 15.7 at year end 2021. Our capital is well in excess of the requirements of the GSEs and state regulators.
Foster an environment that embraces diversity and best positions people to succeed	è	Continued to provide a competitive package of benefits that recognize the unique needs of our workforce and their families. Introduced new Career Framework designed to increase competitiveness for new talent. Expanded annual bonus program to include non-exempt co-workers and adjusted bonus calculations to help co-workers better share in Company successes. Expanded our diversity, equity and inclusion work: •Established a Diversity, Equity and Inclusion (DEI) Council. •Launched a DEI site on our company intranet. •Hosted facilitated DEI training sessions for all officers. •Introduced a company-wide DEI observance schedule.

4 │ MGIC Investment Corporation – 2023 Proxy Statement

PROXY SUMMARY

Board Nominees

Name

Age1

Director Since

Primary Occupation

Independent

Committee

Memberships2

Analisa M. Allen

2020

Consultant with Gerson Lehrman Group; Former CIO of Data & Analytics and CIO for Home Lending Technology of JP Morgan Chase's consumer bank

Yes

• BT&T

• Risk Management

Daniel A. Arrigoni

2013

Former President and CEO
of U.S. Bank Home Mortgage Corp.

Yes

• MDNG

• Risk Management

C. Edward Chaplin ▲

2014

Former President and CFO of MBIA Inc.

Yes

• Audit (C)

• Securities Inv.

Curt S. Culver

1999

Chairman of the Board and former CEO of MGIC Investment Corp.

• Executive

Jay C. Hartzell ▲

2019

President of the University of Texas at Austin

Yes

• Audit
• Risk Management

Timothy A. Holt

2012

Former SVP and Chief Investment Officer of Aetna, Inc.

Yes

• MDNG

• Securities Inv. (C)

Jodeen A. Kozlak

2018

Founder and CEO of Kozlak Capital Partners, LLC; Former Global SVP of Human Resources of Alibaba Group

Yes

• BT&T (C)

• MDNG

Michael E. Lehman

2001

Lead Independent Director of MGIC Investment Corp; Former EVP and CFO of Sun Microsystems, Inc.

Yes

• BT&T

• Executive

• MDNG (C)

Teresita M. Lowman ▲

2022

Strategic Advisor to Launch Factory; Former VP of DXC Technology Company

Yes

• Audit

• BT&T

Timothy J. Mattke

2019

CEO of MGIC Investment Corp.

• Executive (C)

Sheryl L. Sculley ▲

2019

Consultant with Strategic Partnerships, Inc.; Adjunct Professor at the University of Texas at Austin; Former City Manager of the City of San Antonio, Texas

Yes

• Audit

• Securities Inv.

Mark M. Zandi

2010

Chief Economist of Moody's
Analytics, Inc.

Yes

• Risk Management (C)

• Securities Inv.

As of March 24, 2023

BT&T = Business Transformation and Technology; MDNG = Management Development, Nominating and Governance

▲

Audit Committee Financial Expert

Committee Chair

MGIC Investment Corporation – 2023 Proxy Statement │ 5

PROXY SUMMARY

Corporate Sustainability Highlights

As pioneers of the modern form of private mortgage insurance 65 years ago, MGIC has helped millions of families achieve homeownership sooner. This is a touchstone we come back to when we think about the work we do, how we do it, and why we do it. Homeownership can be a powerful vehicle for financial stability and generational wealth, which means that our impact – and our responsibility – extends well beyond the walls of our company, beyond our investors, beyond our customers, even beyond the consumers who use our product. Our work supports resilient communities and the social fabric at large.

Keeping this holistic picture in mind is critical to doing well by each of the audiences to whom we are accountable. Our initiatives benefit greatly from our highly-engaged Board of Directors, who provide essential vision and oversight, in partnership with the members of our Corporate Sustainability Executive Council, who advance these efforts at the management level, cascading our priorities down through functional areas of our business.

In our Corporate Sustainability Report, published on our website, you can see how our commitment bears out across the work we do, from our internal approach to human capital to our external considerations for environmental and social impact, including, most notably, our efforts in the affordable housing space. We are not including the information contained in that report as a part of, or incorporating it by reference into, this Proxy Statement.

Compensation Highlights

Pay Opportunity Mix. At-risk performance-based compensation represented a significant majority of the 2022 total direct compensation (TDC) opportunity of our NEOs.

Long-Term Equity Incentives. To align our long-term equity awards with the interests of shareholders, 100% of the long-term equity awards granted in February 2022 to our NEOs are performance-based and cliff vest after three years based on achievement of a three-year cumulative adjusted book value (ABV) per share growth goal.

Performance-Based Bonus. Our bonus program is designed to strongly align pay with our performance. Bonus payouts for 2022 were based on our achievement against three financial performance goals (return on equity (ROE), NIW and IIF), and performance against three specific business objectives.

Best Practices. Our compensation program is grounded in best practices, which include strong stock ownership guidelines for NEOs, no hedging or pledging of our stock, a long-standing “clawback” policy, limited change in control benefits (with no tax gross-ups) and modest perquisites.

6 │ MGIC Investment Corporation – 2023 Proxy Statement

Corporate Governance and Board Matters

The Board of Directors oversees the management of the Company and our business. The Board selects our CEO, who in conjunction with our senior management team, is responsible for operating our business.

Corporate Governance Guidelines and

Code of Conduct and Ethics

The Board has adopted Corporate Governance Guidelines, which set forth a framework for our governance. The Guidelines cover the Board’s composition, leadership, meeting process, director independence, Board membership criteria, limitations on other directorships, committee structure, succession planning and director compensation. Among other things, the Board meets in executive session outside the presence of any member of our management during at least two Board meetings annually and at any additional times determined by the Board or the Lead Director. Mr. Lehman presides at these sessions and has served as the Board’s Lead Director since July 2020. See “Board Leadership” for information about the Lead Director’s responsibilities and authority. The Corporate Governance Guidelines provide that a director shall not be nominated by the Board for re‑election if at the date of the Annual Meeting of Shareholders, the director is age 74 or more. The Corporate Governance Guidelines also provide that a director who retires from his or her principal employment or joins a new employer shall offer to resign from the Board. Unless the Board determines that a Chief Executive Officer who is Chairman of the Board should continue as Chairman of the Board after his or her tenure as Chief Executive Officer, a director who is an officer of the Company or a subsidiary and leaves the Company shall resign from the Board. In 2014, the Board determined that Mr. Culver should become non-executive Chairman of the Board upon retirement from his position as Chief Executive Officer in 2015.

We have a Code of Conduct and Ethics emphasizing our commitment to conducting our business in accordance with legal requirements and high ethical standards. The Code applies to all employees, including our executive officers, and is also applicable to our directors. Certain portions of the Code that apply to transactions with our executive officers, directors, and their immediate family members are described under “Other Matters – Related Person Transactions” below. These descriptions are subject to the actual terms of the Code.

Our Corporate Governance Guidelines and our Code of Conduct and Ethics are available on our website (http://mtg.mgic.com) under the “Leadership & Governance; Documents” links. Written copies of these documents are available to any shareholder who submits a written request to our Secretary. We intend to disclose on our website any waivers from, or amendments to, our Code of Business Conduct that are subject to disclosure under applicable rules and regulations.

Director Independence

Our Corporate Governance Guidelines regarding director independence provide that a director is not independent if the director has any specified disqualifying relationship with us. The disqualifying relationships are equivalent to those of the independence rules of the New York Stock Exchange (NYSE), except that our disqualification for board interlocks is more stringent than under the NYSE rules. Also, for a director to be independent under the Guidelines, the director may not have any material relationship with us. For purposes of determining whether a disqualifying or material relationship exists, we consider relationships with MGIC Investment Corporation and its consolidated subsidiaries.

The Board has determined that all of our directors except for Mr. Culver, our former CEO, and Mr. Mattke, our current CEO, are independent under the Guidelines and the NYSE rules. The Board made its

MGIC Investment Corporation – 2023 Proxy Statement │ 7

CORPORATE GOVERNANCE AND BOARD MATTERS

independence determinations by considering whether any disqualifying relationships existed during the periods specified under the Guidelines and the NYSE rules. To determine that there were no material relationships, the Board applied categorical standards that it had adopted and incorporated into our Corporate Governance Guidelines. All independent directors met these standards. Under these standards, a director is not independent if payments under transactions between us and a company of which the director is an executive officer or 10% or greater owner exceeded the greater of $1 million or 1% of the other company’s gross revenues. Payments made to and payments made by us are considered separately, and this quantitative threshold is applied to transactions that occurred in each of the three most recent fiscal years of the other company. Also under these standards, a director is not independent if during our last three fiscal years the director:

•was an executive officer or member of a law firm or investment banking firm providing services to us;

•was an executive officer of a charity to which we made contributions; or

•received any direct compensation from us other than as a director, or if during such period a member of the director’s immediate family received compensation from us.

In making its independence determinations, the Board considered payments we made to Moody’s Analytics (of which Dr. Zandi is an executive officer) for research and subscription services for Moody’s Economy.com and related publications, and payments to Moody’s Investors Service for credit rating services. These transactions were below the quantitative threshold contained in our Corporate Governance Guidelines and were entered into in the ordinary course of business by us, Moody’s Analytics and Moody’s Investors Service.

Related Person Transactions

Among other things, our Code of Conduct and Ethics prohibits us from entering into transactions in which our executive officers, chief accounting officer, or any their respective immediate family members have a material personal financial interest (either directly or through a company with which the officer has a material relationship) unless all of the following conditions are satisfied:

•the terms of the contract or transaction are fair and equitable, at arm’s length and are not detrimental to our interests;

•the existence and nature of the interests of the officer are fully disclosed to and approved by the Audit Committee; and

•the interested officer has not participated on our behalf in the consideration, negotiation or approval of the contract or transaction.

The Code defines a material interest as one in which our officer or officer's immediate family member is a director or officer of the counterparty to the transaction, or our officer or a member of our officer’s immediate family has a financial interest in such counterparty or any of its affiliates that in the aggregate at least 10% of the value of such counterparty or the consolidated value of the organization's affiliates. Our Audit Committee does not consider payments and benefits arising in the ordinary course of employment with us, or through services as a director, to be “transactions” subject to its approval.

In addition, the Code requires Audit Committee approval of all transactions with any director or a member of the director’s immediate family, other than transactions involving the provision of goods or services in the ordinary course of business of both parties. The Code contemplates that our non-management directors will disclose all transactions between us and parties related to the director, even if they are in the ordinary course of business.

Under its Charter, the Audit Committee is responsible to conduct a review and oversee all related party transactions for potential conflicts of interest and prohibit such transactions if the Committee determines them to be inconsistent with the interests of the Company. For purposes of the Charter,

8 │ MGIC Investment Corporation – 2023 Proxy Statement

CORPORATE GOVERNANCE AND BOARD MATTERS

“related party transaction” means a transaction in which the Company (or its affiliates) is a participant, the amount exceeds $120,000, and in which one of the following had or will have a direct or indirect material interest: an executive officer, director, or director nominee, or their immediate family members or persons sharing their households, or 5% shareholders.

Board Leadership

Mr. Culver serves as non-executive Chairman of the Board and Mr. Lehman serves as Lead Director. Under this structure, the Chairman chairs Board meetings, where the Board discussion includes strategic and business issues. The Board believes that this approach is appropriate because Mr. Culver, as the Company's former CEO, is very familiar with our business and strategic plans as reviewed by the Board. Mr. Culver joined the Company in 1985, and served as Chief Executive Officer from 2000 until his retirement in 2015, when he became our non-executive Chairman of the Board.

Because the Board also believes that strong, independent Board leadership is a critical aspect of effective corporate governance, the Board maintains the position of Lead Director. The Lead Director is an independent director selected by the independent directors. The Lead Director’s responsibilities and authority include:

•presiding at all meetings of the Board at which the Chairman is not present;

•having the authority to call and lead executive sessions of directors without the presence of any director who is an officer (or if determined by the Board, a former officer) (the Board meets in executive session during at least two Board meetings each year);

•serving as a conduit between the CEO and the independent directors to the extent requested by the independent directors;

•serving as a conduit for the Board’s informational needs, including proposing topics for Board meeting agendas; and

•being available, if requested by major shareholders, for consultation and communication.

The Board believes that a leader intimately familiar with our business and strategic plans serving as Chairman, together with an experienced and engaged Lead Director, is the most appropriate leadership structure for the Board at this time. The Board periodically reviews the structure of the Board and the Board’s leadership.

Communicating with the Board

Shareholders and other interested persons can communicate with members of the Board, non-management members of the Board as a group or the Lead Director, by sending a written communication to our Secretary, addressed to: MGIC Investment Corporation, Secretary, P.O. Box 488, Milwaukee, WI 53201. The Secretary will pass along any such communication, other than a solicitation for a product or service, to the Lead Director.

MGIC Investment Corporation – 2023 Proxy Statement │ 9

CORPORATE GOVERNANCE AND BOARD MATTERS

Director Selection

The Board believes that the Board, as a whole, should possess a combination of skills, professional experience, and diversity of backgrounds necessary to oversee our business. In addition, the Board believes there are certain attributes every director should possess, as reflected in the Board’s membership criteria. Accordingly, the Board and the Management Development, Nominating and Governance Committee (the Committee) consider the qualifications of directors and director candidates individually and in the broader context of the Board’s overall composition and our current and future needs.

The Committee is responsible for developing Board membership criteria and recommending these criteria to the Board. The criteria, which are set forth in our Corporate Governance Guidelines, include an inquiring and independent mind, sound and considered judgment, high standards of ethical conduct and integrity, well-respected experience at senior levels of business, academia, government or other fields, ability to commit sufficient time and attention to Board activities, anticipated tenure on the Board, and whether an individual will enable the Board to continue to have a substantial majority of independent directors. In addition, the Committee in conjunction with the Board, periodically evaluates the composition of the Board to assess the skills and experience that are currently represented on the Board, as well as the skills and experience that the Board will find valuable in the future. The Committee seeks a variety of occupational and personal backgrounds on the Board in order to obtain a range of viewpoints and perspectives and enable the Board to have access to a diverse body of talent and expertise relevant to our activities. The Committee also seeks to enhance the diversity of the Board in other areas, such as geography, age, race, gender and ethnicity. The Committee’s and the Board’s evaluation of the Board’s composition enables the Board to consider the skills and experience it seeks in the Board as a whole, and in individual directors, as our needs evolve and change over time and to assess the effectiveness of the Board’s efforts at pursuing diversity. In identifying director candidates from time to time, the Committee may establish specific skills and experience that it believes we should seek in order to constitute a balanced and effective board.

The table below summarizes certain skills and experiences considered important by the Board, how those skills and experiences are relevant to the Company and its business strategies, and how they are represented in the board members standing for election at the Annual Meeting of Shareholders. The Committee evaluates new director candidates considering these skills and experiences, and the criteria listed above, as well as other factors the Committee deems relevant, through background reviews, input from other members of the Board and our executive officers, and personal interviews with the candidates attended by at least the Committee Chair. The Committee will evaluate director candidates recommended by shareholders using the same process and criteria that apply to candidates from other sources.

10 │ MGIC Investment Corporation – 2023 Proxy Statement

CORPORATE GOVERNANCE AND BOARD MATTERS


Skills and Experience	Relevance to MGIC	Board Composition
Accounting	We operate in a complex financial and regulatory environment.	5 of 12 directors ☑☑☑☑☑☐☐☐☐☐☐☐
Chief Executive Officer	Experience at the highest level of an organization provides expertise that will foster participation in the development and implementation of the Company's business strategies.	5 of 12 directors ☑☑☑☑☑☐☐☐☐☐☐☐
Data & Analytics	Experience with the use of structured and unstructured data, as well as the tools and processes necessary to enable the development of actionable insights via advanced quantitative and statistical methods is important as we continue to pursue our strategic initiatives.	4 of 12 Directors ☑☑☑☑☐☐☐☐☐☐☐☐
Financial	Knowledge of finance or financial reporting and experience with debt and capital markets transactions is important to executing our business strategies.	11 of 12 directors ☑☑☑☑☑☑☑☑☑☑☑☐
Housing Markets / Risk Management	A main component of our business involves taking and managing risk associated with the housing markets.	11 of 12 directors ☑☑☑☑☑☑☑☑☑☑☑☐
Human Resources	As a financial services firm, human capital represents an important asset. Knowledge of human resources matters is important to executing our business strategies.

SEC Form DEF 14A filed by MGIC Investment Corporation