NU Online News Service, Nov. 28, 3:05 p.m. EST
The PMI Group has filed for Chapter 11 bankruptcy in order to “assess its strategic and other options for preserving stakeholder value” after the Arizona Department of Insurance's (ADI) seizure of the company's primary regulated subsidiaries last month.
While the PMI Group is based in Walnut Creek, Calif., its operating subsidiary, mortgage insurer PMI Mortgage Insurance Co. (MIC) is based in Arizona. As noted on the PMI Group's website, “On Aug. 19, 2011, PMI informed you of regulatory decisions that impacted our ability to write new commitments of insurance. Specifically, PMI Mortgage Insurance Co. was required to cease writing new commitments.”
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