Old Republic doubles stake in MGIC

Old Republic International Corp., the Chicago-based bond guarantor and title insurer, more than doubled its stake in competitor MGIC Investment Corp. and sold 25 percent of its PMI Group Inc. holdings.

Old Republic holds 18.6 million shares, or 15 percent, of MGIC, according to a regulatory filing today. That compares with a stake of about 9 million shares of the Milwaukee-based mortgage insurer on Nov. 9, according to Bloomberg data.

It also reduced its holdings of Walnut Creek, California- based PMI to about 9.19 million shares, or 11 percent, according to a separate filing. Old Republic held about 12.2 million shares of the mortgage insurer as of Nov. 9, according to Bloomberg data.

MGIC rose 16 cents, or 8.5 percent, to $2.04 at 2:24 p.m. in New York Stock Exchange composite trading. PMI rose 6 cents, or 4 percent, to $1.58. ORI was unchanged. MGIC and PMI have both fallen more than 80 percent in the past year.