Net Down for Mortgage Insurer UGC

Nonconforming

United Guaranty Corp., the mortgage insurance subsidiary of American International Group, had operating income of $8 million in the first quarter, down from $14 million for the same period in 2011.

The unit is among the top two private mortgage insurers in the U.S. with new insurance written of $6.5 billion during the quarter, up from $2.5 billion in 1Q11, which the company said is due to its risk-based pricing strategy as well as market shareÂ…

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