Making headlines today, The Australian Financial Review has reported that mortgage insurer MGIC will not return to the local market.
According to the paper, the company’s managing director Martin Fletcher said MGIC, which pitched itself at smaller and non-bank lenders, now wanted to concentrate on the US domestic market.
The company gained its local license in 2007, but stopped accepting applications in early 2009.
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The company posted a net profit of $6.4 million last calendar year. But despite, its profit Mr Fletcher said it was not the right time to penetrate the Australian market.
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