UGI Takes the NIW Mantle in 4Q, a new MI King?


While United Guaranty Corp. posted an operating loss of $23 million in the fourth quarter, it was the private mortgage insurance industry’s most prolific underwriter for the second quarter in a row, with new insurance written of $7.1 billion.

According to figures compiled by National Mortgage News, Radian wrote  $6.5 billion of NIW for the quarter, while Mortgage Guaranty Insurance Corp. – until recently, the perennial market leader – took in $4.2 billion. Genworth wrote $3.2 billion of new policies.

Information provided by UGC shows the company moving from third in market share in the first quarter 2011 to first in the third quarter. Its third quarter NIW was $5.6 billion. For the full year it wrote $18.4 billion of new business.

The fourth quarter operating loss is attributed to loan delinquencies remaining at elevated levels, according to the earnings report from parent company American International Group.

For the fourth quarter of 2010, UGC had operating income of $154 million. The U.S. government still controls most of AIG, though it could start unloading some huge stakes in the company by yearend.

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