Standard & Poor’s Ratings Services said today that it assigned its ‘AA’ financial strength rating to PMI Insurance Co. (PIC) with a stable outlook. “PIC is incorporated in the state of Arizona and is a wholly owned subsidiary of PMI Group Inc.” PMI is the holding company for several mortgage insurers, including PMI Mortgage Insurance Co. (PMI MIC; AA/Stable/–). S&P indicated that the “rating is based in part on a guarantee provided by PMI MIC, which guarantees the policyholder obligations of future business produced by PIC. The guarantee does not cover PIC’s existing policyholder obligations (the runoff portfolio). The rating also reflects PIC’s strategic importance to PMI, good competitive position, access to PMI MIC’s expertise and resources, good operating performance, and extremely strong initial capitalization.
Was this article valuable?
Here are more articles you may enjoy.
Trump Outlines Plan to Unwind Biden-Era Car Mileage Mandates 
Baldwin Group to Buy CAC Group for About $1B in Cash and Stock 
Surveys Show Concerns About Florida Market, But Consumers Are Warming Up 
Airline Pilots Hide Mental Health Struggles to Keep Flying 
