MGIC Investment Corp. (MTG:US) cut Chief Executive Officer Curt Culver’s bonus last year as the unprofitable mortgage insurer lost market share.
The bonus was $475,000 compared with $734,300 in 2011 and $1.3 million in 2010, the Milwaukee-based insurer said today in a regulatory filing. The 2012 award was 17 percent of Culver’s maximum bonus potential, the company said. Culver has been CEO since 2000.
MGIC declined 29 percent last year in New York trading to $2.66. The insurer has plunged more than 90 percent since the end of 2006 on the cost of claims from backing lenders against losses when borrowers fail to pay their loans. The company now has the third-largest share of the market after having the lead in 2010, according to the filing.
“Our market share fell short of the performance goals,” according to the filing.
To contact the reporter on this story: firstname.lastname@example.org; Zachary Tracer in New York at email@example.com
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org