Bermuda-based insurer will operate firm through distribution and reinsurance agreement pending Arizona regulator, other approvals.
The ongoing saga involving PMI Mortgage Insurance and CUNA Mutual Group Mortgage Insurance entered into a new stage on Thanksgiving Eve when the PMI Group, PMI MI's holding company, filed for bankruptcy in federal court.
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.
PMI Mortgage Insurance Company seized by Arizona regulators, ordered to pay 50% of claims.
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.
The $10 billion Southwest Corporate FCU joined Corporate One FCU in deciding not to take any additional OTTI related to the Wisconsin insurance regulator's March 25 action against monoline insurer Ambac Assurance Corp.
The Wisconsin-based monoline insurer subsidiary of Ambac Financial Group has restructured its residential mortgage-backed securities guarantees into a separate,
Ambac Assurance Corporation announced it restructured its residential mortgage backed securities guarantees into a separate "segregated account" after the Wisconsin Insurance Commissioner successfully petitioned to take control of the fund.