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 Preston Martin (December 5, 1923 – May 30, 2007) was an American economist and banker who served as the 12th Vice Chair of the Federal Reserve from 1982 to 1986. Education Preston Martin graduated from the University of Southern California in ...

and is headquartered in

Walnut Creek, California Walnut Creek is a city in Contra Costa County, California, United States, located in the East Bay region of the San Francisco Bay Area, about east of the city of Oakland. With a total population of 70,127 per the 2020 census, Walnut Creek ser ...

. 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. Shortly afterward, PMI filed for bankruptcy.

References

Financial services companies based in California Financial services companies established in 1972 1972 establishments in California Companies based in Contra Costa County, California Walnut Creek, California Companies that filed for Chapter 11 bankruptcy in 2011 {{US-finance-company-stub