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The PMI Group Inc. Contributes Subsidiary to PMI Mortgage Insurance Co.
Contribution lowers risk-to-capital ratio to 16.9-to-1 and increases excess minimum policyholders' surplus to $307.7 million, as of September 30, 2009
WALNUT CREEK, Calif., Nov. 10 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI) today announced that it has contributed all of the issued and outstanding common capital shares of its wholly-owned subsidiary, PMI Insurance Co. (PIC), to its primary operating company, PMI Mortgage Insurance Co. (MIC). The contribution bolsters MIC's capital by approximately $92.2 million, decreases its risk-to-capital ratio to 16.9-to-1, and increases its excess minimum policyholders' position to $307.7 million, all stated as of September 30, 2009
About The PMI Mortgage Insurance Co.
The PMI Mortgage Insurance Co. (NYSE: PMI), is headquartered in Walnut Creek, CA and provides credit enhancement solutions that expand homeownership while supporting our customers and the communities they serve. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products. For more information: www.pmi-us.com.
Cautionary Statement: Statements in this press release that are not historical facts, or that relate to future plans, events or performance are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements by their nature involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. Such factors include, among others, the risk that PMI may be unable to maintain minimum regulatory risk-to-capital and policyholders' surplus requirements in Arizona and other states as early as the fourth quarter of 2009. Other risks and uncertainties are discussed in our SEC filings, including in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, and of our Annual Report on Form 10-K for the year ended December 31, 2008. We undertake no obligation to update forward-looking statements.
SOURCE The PMI Group, Inc.