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MGIC Hires Patrick Sinks as CEO

Patrick Sinks [1]

Patrick Sinks

Mortgage Guaranty Insurance Corporation [2] (MGIC) Investment Corporation welcomes Patrick Sinks as the new CEO this month, after Curt S. Culver, 62, retired.  Sinks has also been appointed to the board of directors. The same changes will be implemented at MGIC MTG's principal subsidiary. Sinks was previously president and COO of both companies.

"I have been very fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Pat has been a very important contributor to our company's success since he joined us 36 years ago," Culver said. "We have a tradition of internally developing our CEOs and I am proud that we have someone of Pat's caliber and expertise to lead us. I am confident that Pat's extensive industry knowledge, client-first approach and strategic vision will enable our company to prosper well into the future. My charge as non-executive chairman is to ensure a smooth transition and enable Pat to focus all of his energy on running the company."

Culver began his career in the mortgage insurance business in 1976, joining MGIC in 1982. He became President in 1999 and was CEO and President from 2000 to January 2006. He has served as CEO and Chairman of the Board since January 2005.

Kenneth M. Jastrow II, MTG's Lead Director, said, "The board appreciates Curt's leadership and his management of the company throughout his tenure as CEO, including developing executive talent. The board's selection of Pat shows its confidence that Pat will be an excellent leader, and along with the rest of the management team, will continue to move the organization forward."

Sinks has served as President and COO since January 2006. Previously, Sinks served as EVP ­of Field Operations from 2002. Sinks has also served as SVP of Controller and Chief Accounting Officer, and before that held a variety of positions within the accounting and finance Departments. Sinks earned his MBA from the University of Wisconsin – Milwaukee, and holds a Bachelor of Science degree in accounting from the University of Mary.

"I am honored to continue to build on the strong foundation that Curt has established. His strategic vision, thoughtful leadership, business acumen and personal style have enabled MGIC to be a leader in our industry. Our company is well positioned for the future and our management team is as strong as it has ever been. I am confident that we will deliver the results our shareholders, customers and co-workers expect and deserve."