Former top MGIC executive Bill Lacy dies
William "Bill" Howard Lacy Jr., whose leadership helped make Milwaukee's MGIC Investment Corp. a top firm in the mortgage insurance industry, died Sunday from respiratory failure. He was 71.
Lacy joined MGIC in 1971 and worked his way up to the position of president by1982. The company changed ownership in 1985, and Lacy was named president and chief executive in 1987.
When he retired in 1999, MGIC was the nation’s leading provider of private mortgage insurance, with insurance-in-force of more than $145 billion, covering 1.4 million mortgages.
Mortgage insurers cover part of a lender's costs when a mortgage goes into default.
Curt Culver, former CEO of MGIC and now its non-executive chairman, called Lacy "my friend and colleague."
"His thoughtful leadership saw MGIC through tremendous changes, and helped shape the company into the industry leader that it remains to this day," Culver said in a statement Monday.
The company's statement said Lacy "was admired and respected for his tenacity and drive."
"Under his leadership, MGIC emphasized quality underwriting and outstanding customer service, which resulted in strong growth in sales and long-term profits," the company said.
According to an obituary provided by his family, Lacy "thrived in times of uncertainty, personifying a strong work ethic and a positive attitude as a natural leader who could see solutions others might miss."
Lacy was born in 1945 in Chicago and raised in Port Washington, the son of William H. and Catherine Lacy.
He excelled in athletics, and lettered in football, track and baseball at Port Washington High School before graduating in 1962.
His leadership skills already were evident in high school, where he was voted senior class president and elected governor of Badger Boys State.
Lacy played college football at the University of Wisconsin-Madison and the U.S. Air Force Academy, his family said. He received a bachelor's degree in business from UW-Milwaukee in 1968.
He married Mary Elizabeth Pauly in 1969, and they raised their four children in Glendale. The marriage ended in divorce after 29 years.
Lacy served on several private and public company boards of directors. He was active on industry panels and local civic organizations.
Lacy moved to Sedona, Ariz., in 2000.
He is survived by his four children, Tom Lacy (Jane Scripp); Sara Kate Knight (Colin); David Lacy (Tricia Eyster); and Margaret Lacy Meyer (Jacob). He also is survived by 11 grandchildren.
A Mass of Christian Burial will be held at 10 a.m. Sept. 10 at St. Eugene’s Catholic Church, 7600 N. Port Washington Road in Fox Point. A casual visitation starts at 8 a.m.
A memorial service will be held at the Mary D. Fisher Theatre in Sedona, Ariz., on Oct. 1.