Davis Polk advised the joint book-running managers and representatives of the several underwriters in connection with the SEC-registered offering of 4,255,000 shares of common stock of NMI Holdings, Inc. for approximately $84 million before underwriting discounts and estimated expenses of the offering. Included in the shares are 555,000 shares sold by NMI pursuant to the underwriters’ exercise in full of their option to purchase additional shares. The common stock is listed on the NASDAQ Global Market under the symbol “NMIH.”

NMI, a Delaware corporation, provides mortgage insurance through its wholly owned insurance subsidiaries, National Mortgage Insurance Corporation and National Mortgage Reinsurance Inc. Mortgage insurance helps to protect lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage.

The Davis Polk capital markets team included partner Michael Kaplan and associate Roderick G. Miller. The tax team included partner Michael Farber. Partner Luigi L. De Ghenghi and associate Eric McLaughlin provided regulatory advice. All members of the Davis Polk team are based in the New York office.

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