PMI Mortgage Insurance Seized by Arizona Regulator
The State of Arizona moved in last week to assume control of PMI Mortgage Insurance, one of the two shareholding companies of CUNA Mutual Group Mortgage Insurance, the leading mortgage insurer for credit unions in the U.S.
In its Oct. 20 order, the Superior Court for the State of Arizona gave the state's Department of Insurance the “full and exclusive power of management and control” of the company pending a hearing on the appointment of a receiver for the company.
In support of its confidence, the insurer cited its capital ($1.45 billion through June 2011) and its A (excellent) rating from financial rating firm A.M. Best as well as its capital and reserve ratios.
PMI did not return calls for comment before press time.