Wisconsin

MGIC, Radian to Merge 

Consolidation in the mortgage industry struck a new tone Tuesday, as monoline insurers MGIC Investment Corporation and Radian Group Inc. announced that the two companies have agreed to merge, in a $10 billion deal that will form one of the nation’s largest mortgage and credit risk insurance conglomerates. The new company, to be called MGIC Radian Financial Group Inc., will have nearly $15 billion in total assets, more than $290 billion of primary mortgage insurance in force and a financial guaranty portfolio approximating $104 billion of net par outstanding.