Surety carrier shares drop on PMI price cuts

Surety carriers' shares dropped today after MGIC Investment
Corporation said it planned a sharp cut in rates on its private
mortgage insurance (PMI) products.
The planned cuts prompted a selloff in MGIC shares as well as
those of rival PMI providers, including Essent Group, Radian Group
and NMI Holdings, with losses ranging from nearly 16 percent to
over 22 percent in New York trading.
Other players in the market, such as Arch Capital, were less
affected by the news. Arch...