WALNUT CREEK, Calif. and TORONTO, April 26 /CNW/ -- PMI Mortgage
Insurance Company Canada (PMI Canada) has received its Order to Commence and
Carry On Business from Canada's Office of the Superintendent of Financial
Institutions (OSFI). The Order enables PMI Canada to begin actively marketing
its products, pending receipt of provincial licences.
"The Order to Commence is a key step in the regulatory approval process
towards opening for business," explained Janet C. Martin, President and Chief
Executive Officer of PMI Canada. "We are very excited about our ability to
bring additional competition to the Canadian market, which we'll be able to do
in a matter of weeks as we complete the provincial licensing process. PMI's
underwriting and risk management expertise has enabled lenders around the
world to extend mortgages to new and growing groups of borrowers, including
the self-employed and those without traditional credit histories. We will be
helping to put more Canadians into homes."
Steve Smith, Chief Executive Officer of The PMI Group, Inc., said, "PMI
now provides mortgage insurance on four continents, and we are proud to bring
this global experience and perspective to serve the Canadian market. PMI is
committed to providing greater choice to lenders and consumers and bringing
real value to the Canadian market. We are pleased to achieve this important
milestone and look forward to competing in Canada."
PMI Canada received its provincial licence in New Brunswick in March.
Licence approvals are pending in all other Canadian provinces and territories.
PMI Canada will offer loan-level primary mortgage insurance for
residential mortgages and portfolio insurance applied to pools of mortgage
loans. Based in Toronto, PMI Canada is a subsidiary of The PMI Group, Inc.
The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA,
provides innovative credit, capital, and risk transfer solutions that expand
homeownership and fund essential services for our customers and the
communities they serve around the world. Through its wholly and partially
owned subsidiaries, PMI offers residential mortgage insurance and credit
enhancement products, financial guaranty insurance, and financial guaranty
reinsurance. PMI has operations in Asia, Australia and New Zealand, Europe,
and the United States. For more information: www.pmigroup.com.
Cautionary Statement: Statements in this release that are not historical
facts or that relate to future plans, events or performance are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Many factors could cause actual results and
developments to differ materially from those expressed or implied by forward-
looking statements, including changes in business and other conditions,
including general market conditions in the United States and Canada. Risks
and uncertainties are discussed in PMI's SEC filings, including its Form 10-K
for the year ended December 31, 2006. PMI undertakes no obligation to update
For further information:
For further information: Investors, Bill Horning of The PMI Group, Inc.,
+1-925-658-6193, or Media - US, Beth Haiken of The PMI Group, Inc.,
+1-925-658-6192; or Media - Canada, John Lute of Lute & Co., +1-416-929-5883
Web Site: http://www.pmigroup.com/