15 Best Mortgage Insurance Companies Heading into 2024 (2024)

In this article, we will look into the 15 best mortgage insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Mortgage Insurance Companies Heading into 2024.

Mortgage Insurance Market Shift

According to an article by National Mortgage News, published on August 7, 2023, the private mortgage insurance market witnessed substantial reshuffling in business. On the whole, the market showed resilience in the second quarter, despite macroeconomic concerns. The market saw a surge in overall activity, owing to the proactive maneuvers of the key players coupled with resilience. However, the market remained cautious due to economic fluctuations, companies must leverage strategic planning to gain ground in the market.

The article tracks the progress of some of the key companies, including Radian Group Inc. (NYSE:RDN), Essent Group Ltd. (NYSE:ESNT), MGIC Investment Corporation (NYSE:MTG), and NMI Holdings, Inc. (NASDAQ:NMIH), operating in the market and reports their performance in the second quarter. In the 2nd quarter of 2023, these companies collectively wrote more policies compared to the first quarter. The market produced a total of $81.7 billion in the 2nd quarter, compared to $64.6 billion in the first quarter.

Radian Group Inc. (NYSE:RDN) is a leading mortgage insurance company, boasting a market cap of $4.4 billion, as of December 22. Radian Group Inc. (NYSE:RDN) reclaimed its top position in terms of new insurance written (NIW) with a $16.9 billion share in the second quarter. The company depicted substantial growth and a strategic focus on higher FICO borrowers. This move highlighted the dynamics of the market leading to competitive advantages, by leveraging targeted risk selection and pricing adjustments.

Essent Group Ltd. (NYSE:ESNT), also ranked on our list of the best mortgage insurance companies, reported good performance in the second quarter. The company acquired title insurance businesses to expand its insurance capabilities to drive growth. The company earned a total of $172.2 million in the quarter and surpassed the earnings of the previous quarter.

MGIC Investment Corporation (NYSE:MTG) witnessed a surge in the second quarter and reported an NIW share of $12.4 billion, compared to $8.2 billion in the last quarter. MGIC Investment Corporation's (NYSE:MTG) net income for the quarter was $191.1 million, versus $154.5 million in the previous quarter. Lastly, NMI Holdings, Inc. (NASDAQ:NMIH) reported a positive year-over-year net income of $80.3 million, despite a decrease in NIW. This exhibits the ability of NMI Holdings, Inc. (NASDAQ:NMIH) to gain profitability by leveraging effective cost and risk control strategies.

Some Other Major Players in the Market

Let's have a look at the news from some other major players including Dai-ichi Life Holdings, Inc. (OTC:DCNSF), Legal & General Group Plc (OTC:LGGNY), and Essent Guaranty, Inc.

Dai-ichi Life Holdings, Inc. (OTC:DCNSF) is one of the major insurance companies in Japan. OnOctober 30, the company announced that it had joined forces with YuLife to introduce a pilot program to launch YuLife's health and wellness app and online hub in Japan. Dai-ichi Life Holdings, Inc. (OTC:DCNSF) would be utilizing YuLife's offerings for the first time after its investment in the company in 2022. The app offers incentives for healthy choices such as walking and meditation, through YuCoin. The YuCoins can be redeemed for rewards and can also be utilized for CSR initiatives.

Legal & General Group Plc (OTC:LGGNY) is a leading multinational financial services and asset management company in the UK. On December 19, the company announced that it had partnered with Co-op Insurance to provide cost-effective life and critical illness insurance with additional benefits to Co-op members and customers. This collaboration offers benefits such as access to a range of policies, including life insurance, decreasing life insurance, and over 50s fixed life insurance. The insurance coverage will be available for the price of £5/month. This partnership will also provide Co-op customers with access to Care Concierge and Wellbeing Support.

Essent Guaranty, Inc., a subsidiary of Essent Group Ltd. (NYSE:ESNT), is a leading mortgage insurance provider. On October 24, the company announced its integration with Mortgage Cadence's Loan Fulfillment Center to enhance access to its services for mutual customers. This integration will enable lenders to consider Essent Group Ltd.'s (NYSE:ESNT) mortgage insurance prices in real-time with the help of EssentEDGE, the company's proprietary pricing engine. This integration will allow both companies to enhance their mortgage insurance capabilities.

15 Best Mortgage Insurance Companies Heading into 2024

Methodology

To compile our list of the best mortgage insurance companies heading into 2024, we sifted through market reports such as 360 Market Updates and Precision Reports. We also reviewed similar articles featuring top mortgage insurance companies from sources including Investopedia and Mortgage Protection Reviews. We identified public and private companies from our sources and ranked them in ascending order of their market cap as of December 22, 2023, and annual revenue.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

15 Best Mortgage Insurance Companies Heading into 2024

15. MGIC Investment Corporation (NYSE:MTG)

Market Cap as of December 22: $5.40 billion

MGIC Investment Corporation (NYSE:MTG) is a major financial services company, leading the mortgage insurance market. Headquartered in Wisconsin, the company offers insurance, mortgage, housing, loans, finance, home ownership, and real estate solutions. The company offers a wide range of mortgage insurance solutions at affordable prices. As of December 22, the company has a market cap of $5.40 billion.

14. Essent Group Ltd. (NYSE:ESNT)

Market Cap as of December 22: $5.68 billion

Essent Guaranty, Inc., the main subsidiary of Essent Group Ltd. (NYSE:ESNT), is a leading mortgage insurance company. Headquartered in Pennsylvania, the company offers a variety of mortgage insurance products and services including Borrower-Paid Mortgage Insurance, Lender-Paid Single, Borrower-Paid Single, Lender-Paid Monthly, and Split Premium. EssentIQ and EssentEngage are some of the mortgage insurance tools offered by the company. As of December 22, Essent Group Ltd. (NYSE:ESNT) has a market cap of $5.68 billion.

13. Aegon Ltd. (NYSE:AEG)

Market Cap as of December 22: $10.96 billion

Ranked 13th on our list, Aegon Ltd. (NYSE:AEG) is a leading insurance company, providing insurance, asset management, pension, retirement, and financial well-being solutions. The company provides mortgage insurance services, under its brand Transamerica. It offers two types of mortgage insurance, life cover with mortgage insurance, and home cover with mortgage insurance. The company also allows investors to invest in private mortgage loans, through its asset management business. As of December 22, Aegon Ltd. (NYSE:AEG) reports a market cap of $10.96 billion.

12. Mutual of Omaha

Annual Revenue (2022): $11.54 billion

Mutual of Omaha is ranked among the 15 best mortgage insurance companies heading into 2024. The company offers a comprehensive suite of tailored mortgage insurance solutions. The company's mortgage plans offer coverage of $100,000 to over $1,000,000. Mutuals of Omaha reported an annual revenue of $11.54 billion in 2022.

11. Legal & General Group Plc (OTC:LGGNY)

Market Cap as of December 22: $19.49 billion

Founded in 1836, Legal & General Group Plc (OTC:LGGNY) is one of the largest UK financial services companies. The company has a range of business portfolios including financial services, investment, pensions, savings, personal finance, insurance, retirement, life insurance, surveying, lifetime mortgages, and annuities among others. The company offers customized mortgage protection solutions at market-competitive rates. Its mortgage insurance products include lifetime mortgage insurance and retirement interest-only mortgage insurance. As of December 22, Legal & General Group Plc (OTC:LGGNY) has a market cap of $19.49 billion.

10. Dai-ichi Life Holdings, Inc. (OTC:DCNSF)

Market Cap as of December 22: $20.19 billion

Dai-ichi Life Holdings, Inc. (OTC:DCNSF) is a top Japanese insurance company, providing top-notch insurance services in more than 10 countries. The company has a wide range of products including EduPro Premier, Active Care, Smart Shield, DL EduPro, and LoanShield. Dai-ichi Credit Life covers mortgage loans in case of accidental death. As of December 22, Dai-ichi Life Holdings, Inc. (OTC:DCNSF) has a market cap of $20.19 billion.

9. USAA

Annual Revenue (2022): $27.44 billion

USAA is one of the best mortgage insurance companies heading into 2024. The company operates across different business portfolios including financial services, employee well-being, risk management, and insurance. It offers a wide range of tailored mortgage solutions to its customers. In 2022, USAA reported an annual revenue of $27.44 billion.

8. Arch Capital Group Ltd. (NASDAQ:ACGL)

Market Cap as of December 22: $27.67 billion

Arch Capital Group Ltd. (NASDAQ:ACGL) is ranked 8th on our list. Headquartered in Bermuda, the company has business in over 12 countries and territories. The company offers insurance, reinsurance, mortgage insurance, specialty insurance, and data analytics solutions. It provides mortgage insurance that offers customers credit risk enhancement products, expert risk management, and financial solutions. As of December 22, Arch Capital Group Ltd. (NASDAQ:ACGL) has a market cap of $27.67 billion.

7. The Allstate Corporation (NYSE:ALL)

Market Cap as of December 22: $32.54 billion

Ranked 7th on our list, The Allstate Corporation (NYSE:ALL) is a leading insurance company specializing in mortgage insurance, life insurance, long-term care insurance, homeowners insurance, auto Insurance, earthquake insurance, general liability, and annuities. The company provides mortgage protection solutions for people aged 18 to 65 years. As of December 22, The Allstate Corporation (NYSE:ALL) has a market cap of $32.54 billion.

6. American International Group, Inc. (NYSE:AIG)

Market Cap as of December 22: $47.35 billion

Headquartered in New York, American International Group, Inc. (NYSE:AIG) is a multinational insurance company. The company provides insurance solutions including mortgage insurance, life insurance, and retirement insurance among others. It offers home mortgage solutions that provide coverage in case of disability, unemployment, ailment, and death. As of December 22, American International Group, Inc. (NYSE:AIG) has a market cap of $47.35 billion.

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