PMI $2.41 The PMI Group, Inc. (the "Company") reported a loss from continuing operations in the fourth quarter of 2009 of $228.2 million, or $2.76 per share.
-- PMI Mortgage Insurance Co. (MIC), the Company's primary mortgage insurance company, received regulatory approval from the Arizona Department of Insurance to continue to write new mortgage insurance business in the event it is not in compliance with Arizona's minimum policyholder position, subject to certain ongoing reporting requirements. (See the Company's February 15, 2010 press release, "PMI Mortgage Insurance Co. Announces Waiver Granted by the Arizona Department of Insurance.")
-- MIC and its subsidiary, PMI Mortgage Assurance Co. (PMAC) entered into an agreement with Fannie Mae whereby PMAC was approved to write new mortgage insurance in certain states if MIC is unable to do so due to its financial condition. Fannie Mae's approval runs through December 31, 2011 and is subject to conditions. (See PMI's February 15, 2010 press release, "Fannie Mae Approves PMI Mortgage Assurance Co. as an Eligible Mortgage Insurer.")
-- The Company completed various capital relief initiatives in the fourth quarter which positively impacted MIC's statutory capital by approximately $51.0 million and MIC also sold its investment in RAM Holdings Ltd. for approximately $3.2 million, resulting in a $29.4 million tax benefit for the Company.
-- MIC estimates its risk to capital ratio was 22 to 1 and excess minimum policyholder position was $64 million at December 31, 2009.
-- The Company had consolidated cash and cash equivalents and investments of $3.3 billion and total assets in captive trust accounts of approximately $940.7 million at December 31, 2009.
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