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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.[1] Shortly afterward, PMI filed for bankruptcy.[2]
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