EMERYVILLE, Calif., Sept. 01, 2020 (GLOBE NEWSWIRE) -- National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc., (NASDAQ: NMIH) has been named to the San Francisco Business Times’ Middle Market 50 List of the fastest-growing mid-sized companies in the Bay Area. National MI ranked 15 out of 50 companies on the list, which are headquartered in Alameda, Contra Costa, Marin, San Francisco and San Mateo counties.
The Middle Market 50 List is comprised of public and privately-held companies with annual revenue between $25 million and $1 billion for 2017, 2018 and 2019. National MI’s revenue increased from $182.74 million at the end of 2017 to $378.77 million at the end of 2019. This represented a revenue increase of 107.3 percent, compared to the median two-year growth of 77.7 percent for the 50 companies on the list.
“It’s an honor to make the San Francisco Business Times’ Middle Market 50 List, considering how many fast-growing companies there are based in the Bay Area,” said Claudia Merkle, CEO of National MI. “We are very pleased with our success, which reflects several years of steady growth as we’ve helped more borrowers achieve homeownership.”
In the methodology used by the San Francisco Business Times, firms were ranked by weighted scores that took into account the percent change in revenue between 2017 and 2019 and the actual value difference in revenue during the same time period. This score is meant to mitigate the difference between revenue growth at smaller companies and larger companies within the middle market.
Since 2013, National MI has grown steadily by several measures. In 2019, NMI Holdings, Inc. reported record financial results and premiums earned. It delivered $171.96 million in net income with year-over-year growth of 59.3 percent and reported primary insurance-in-force of $94.8 billion as of December 31, 2019, up 38 percent from December 31, 2018.
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.
John M. Swenson
Vice President, Investor Relations and Treasury