PMI Group

{{Short description|A holding company whose primary subsidiary is the PMI Mortgage Insurance Co}}

{{One source

| date = December 2019

}}

{{Infobox company

| name = PMI Group

| logo =

| type =

| industry = Mortgage Insurance

| fate = In Receivership

| predecessor =

| successor =

| founded = {{Start date and age|1972}}

| founder = Preston Martin

| defunct =

| hq_location_city = Walnut Creek, California

| hq_location_country = United States

| area_served =

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| num_employees =

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| website = {{URL|www.pmi-us.com}}

}}

The PMI Group is a holding company whose primary subsidiary is the PMI Mortgage Insurance Co. (PMI). The company was founded in 1972 by Preston Martin and is headquartered in Walnut Creek, California.

PMI has a 50% equity ownership in CMG Mortgage Insurance Company, founded in 1994 as a JV with CUNA Mutual Group, and CMG Mortgage Assurance Company (collectively CMG MI), a provider of private mortgage insurance to the credit union industry.

In October 2011, Arizona insurance regulators seized PMI's main subsidiary and reduced claim payouts to 50% of the claim made with the balance of each claim being deferred.{{Cite news|last=Scism|first=Erik Holm, Alan Zibel, Nick Timiraos and Leslie|date=2011-10-23|title=Regulators Seize Main PMI Subsidiary|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10001424052970204485304576647102469095920.html|access-date=2021-02-03|issn=0099-9660}} Shortly afterward, PMI filed for bankruptcy.{{Cite news|last=Beaudette|first=Marie|url=https://www.wsj.com/articles/SB10001424052970204630904577056374267754512|title=Mortgage Insurer PMI Group Files for Bankruptcy|date=2011-11-25|work=Wall Street Journal|access-date=2020-04-17|language=en-US|issn=0099-9660}}