The California-based PMI Group, Inc. announced that its wholly owned subsidiary, PMI Mortgage Insurance Company Limited (PMI Europe), has received regulatory approval to operate an Italian branch.
PMI Europe’s office in Italy can now offer its array of products covering credit risk, and expects “to offer flexible coverage types, premium payment options and reimbursement options for both new mortgages (such as high LTV mortgages) and old mortgage portfolios (such as adjustable rate loans exposed to higher default risk if interest rates were to increase) in the Italian market,” said the announcement.
“PMI Europe is committed to developing customized solutions that take into account the risk management needs and portfolio characteristics for our banking clients. We believe that our specialist products can be of significant value to the Italian market and with regulatory approval we are delighted to announce that PMI Europe is now open for business in Italy,” stated Giuliano Giovannetti, Italian Country Manager for PMI Europe.
The bulletin also noted that “The Italian mortgage market has continually grown for a number of years and presents PMI Europe with sizable opportunities. Industry data demonstrates that Italy’s homeownership rate is approximately 70 percent, one of the highest homeownership rates in Europe. Mortgages originated in Italy for 2003 totaled $52 billion (Euro 42 billion). Mortgage originations between 2002 and 2003 grew by over 20 percent. Italy’s mortgage debt as a percentage of GDP is approximately 10 percent, which is much lower than many other European countries, suggesting further growth opportunity for total mortgage debt outstanding.”
PMI Europe is a mortgage insurance and credit enhancement company incorporated and domiciled in Dublin, Ireland, with an affiliated sales company incorporated in England and located in London.
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