Shreyans Jain and Richard Chang Join MGIC; Officer Promotions Announced

Rhea-AI Summary

Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), has announced significant personnel changes. Shreyans Jain joins as Senior Vice President of Mortgage Risk Analytics, bringing extensive experience from PNC and Fannie Mae. Richard Chang joins as Vice President of Internal Audit from Fiserv. Additionally, Danny García-Vélez has been promoted to Group Vice President of Regional Sales & Marketing, and Leslie Schunk to Vice President of Securities Law Counsel. These strategic appointments aim to enhance MGIC's competitiveness and operational effectiveness.

Positive

• Appointment of experienced professionals like Shreyans Jain and Richard Chang strengthens MGIC's leadership.
• Danny García-Vélez's promotion to Group Vice President is expected to enhance regional business development and marketing strategies.

Negative

• None.

MILWAUKEE, Aug. 8, 2022 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced that Shreyans Jain and Richard Chang joined the company and announced the promotions of Danny García-Vélez to Group Vice President – Head of Regional Sales & Marketing and Leslie Schunk to Vice President – Securities Law Counsel. 

Mr. Jain joins MGIC as Senior Vice President – Mortgage Risk Analytics, coming from PNC where he was responsible for analytics, strategy, portfolio management and data for a $10B business banking portfolio. Prior to that role, he held the position of Head of Analytics for Consumer Real Estate and Portfolio Management, and prior to joining PNC he was at Fannie Mae. 

"Shreyans' strong experience in risk and portfolio management, as well as his collaborative leadership style, position MGIC to effectively compete in an ever-changing landscape," said Steve Thompson, Executive Vice President & Chief Risk Officer. "I welcome Shreyans to MGIC." 

Mr. Chang joins MGIC as Vice President – Internal Audit, coming from Fiserv where he was a Director in the Internal Audit group focused on IT. Prior to that, he was at Rockwell Automation where he held various roles in Technology Operations, Information Security, and Internal Audit. 

"With an extensive background auditing in technology and financial service environments and deep technical expertise in IT and information security, Rich will be a strong asset to MGIC," said Nathan Colson, Executive Vice President & Chief Financial Officer. "I am excited to bring his expertise and leadership into our organization." 

Mr. García-Vélez joined MGIC in 2017 with a rich background in housing policy, community development and product management, and he quickly rose to Vice President – Business Development. With this promotion to Group Vice President – Head of Regional Sales & Marketing, he will be responsible for MGIC's regional business development, inside sales, marketing, and business strategy teams. 

"We are excited about Danny's promotion and the ideas he will bring to business development and marketing," said Jay Hughes, Executive Vice President – Sales & Business Development. "He is uniquely qualified to integrate the advances in data & analytics with our highly successful sales team as we look to the future of customer interaction and buying behavior." 

Ms. Schunk joined MGIC in 2020 as Lead Corporate Counsel and has been promoted to Vice President – Securities Law Counsel. She holds a J.D. from Marquette University Law School. 

"Leslie has quickly proven herself adept at navigating challenging issues, and I could not be more pleased with having her step into this critical responsibility," said Paula Maggio, Executive Vice President, General Counsel & Secretary. 

About MGIC 
Mortgage Guaranty Insurance Corporation "MGIC" (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. 

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting. 

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SOURCE MGIC Investment Corporation

FAQ

Who are the new executives announced by MGIC on August 8, 2022?

MGIC announced Shreyans Jain as Senior Vice President of Mortgage Risk Analytics and Richard Chang as Vice President of Internal Audit.

What are the new roles for Danny García-Vélez and Leslie Schunk at MGIC?

Danny García-Vélez is promoted to Group Vice President – Head of Regional Sales & Marketing, while Leslie Schunk is promoted to Vice President – Securities Law Counsel.

What is the significance of Shreyans Jain's experience for MGIC?

Shreyans Jain's background in risk and portfolio management is expected to enhance MGIC's competitive position in the market.

When was the press release announcing the new appointments at MGIC issued?

The press release regarding the new appointments at MGIC was issued on August 8, 2022.