Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Aug 2, 2021

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Mortgage insurance, also known as private mortgage insurance or PMI, is required on all residential mortgages with a loan-to-value above 80%.

Mortgage insurance protects the lender in cases where homeowners default – it is does not protect the homeowner!

Today, we’re introducing you to some of the top mortgage insurance companies. Keep with us to learn more.

Top Mortgage Insurance Companies

Last year, MGIC Investment Corp. was the top mortgage insurance company in the United States, with $1.32 billion in direct insurance premium written, per the III.

The Milwaukee-based insurance company claimed a healthy 24.2% of total market share and nearly doubled the volume of the second largest mortgage insurer.

Speaking of, PMI Group Inc., the second largest mortgage insurer, wrote $839 million in premium and grabbed 15.4% of market share.

Now infamous American International Group (AIG) was a close third with $816 million in insurance written, claiming 15% of market share.

top mortgage insurance companies

Radian Group and Genworth Financial rounded out the top five with totals not far off that of PMI Group and AIG.

Then things dropped off considerably, with the tenth mortgage insurer on the list writing a piddly $3,000 in business.

Read more: Is homeowners insurance included in the mortgage?

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Why mortgage insurance?

Remember, mortgage insurance, is required on all residential mortgages with a loan-to-value above 80%.

In other words, if you put down less than 20% or have less than 20% equity in your home when you refinance, your bank or lender will require you to take out mortgage insurance.

This is great for lenders, in the instance that homeowners default. But it’s a costly investment for homeowners.