Bermuda-based insurer will operate firm through distribution and reinsurance agreement pending Arizona regulator, other approvals.
Hirings, promotions, career moves.
PMI, which with CUNA Mutual Group created CMG Mortgage Insurance in 1993, filed for Chapter 11 bankruptcy protection Nov. 23.
CMG Mortgage Insurance Co. said that a recent action by Arizona’s Department of Insurance placing PMI Mortgage Insurance Co. under supervision will not impact the firm’s new business originations or servicing of existing policies.
PMI Group and PMI Mortgage ordered to stop issuing new insurance commitments without state approval.