Private mortgage insurer MGIC reorganized its Capital Markets group.

The company confirms one employee was released in the process.

In explaining the shift, spokeperson Katie Monfre said the services MGIC (MTG) provides are still available: “We did [the shift] to better align the services it provides with the needs of our customers and to operate more efficiently in the current business environment,” she said.

“So the services are not being eliminated, rather our customers’ capital markets needs will continue to be supported by their local MGIC Account Managers, with assistance from MGIC’s Marketing Department,” Monfre added. 

MGIC recently raised $1.15 billion in net proceeds after selling 135 shares of common stock and $500 million in senior notes due in 2020.

The company also completed its previously announced transfer of $800 million to principal mortgage insurance subsidiary, Mortgage Guaranty Insurance Corp.