PMI Group seized by AZ Department of Insurance, files for bankruptcy
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Updated on November 28, 2011
PMI Group, the nation’s third largest private mortgage insurer, filed for Chapter 11 bankruptcy on November 23, 2011, listing $736 million in debt. In October 2011 the company was seized by the Arizona Department of Insurance which now has full possession, management and control of the company.
PMI Group warned policyholders in August 2011 that it was $320.3 million below the minimum capital required by state law. PMI Group was instructed by the Arizona Department of Insurance in October 2011 to:
- halt sales of new policies;
- stop making interest payments on $285 million in surplus notes; and
- submit a plan outlining how it will meet its obligations to existing policyholders.
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ft Editorial Staff
is the writing staff comprised of legal editor Fred Crane, In-House Broker Consultant Fernando Nunez and writer-editors Connor P. Wallmark, Giang Hoang-Burdette, Jeffery Marino, Carrie B. Reyes, Sarah Cantino, Matthew Taylor and Matthew Shade.
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