- CEO
- Michael E. Kelly
- Sector
- Financial Services
- Industry
- Insurance - Specialty
- Address
- 350 Fifth Avenue New York NY United States of America 10118
- IPO Date
- Oct 31, 2013
- Business
- The PMI Group, Inc. is a Delaware corporation primarily engaged in the provision of residential mortgage insurance products through its wholly owned subsidiary, PMI Mortgage Insurance Co. (MIC), which is an Arizona-incorporated insurer. The company offers mortgage insurance to lenders and financial entities domestically within the United States and in select international markets. Despite retaining full equity ownership of MIC, MIC operates under the exclusive control of the Arizona Insurance Department and the jurisdiction of the Receivership Court and has ceased writing new insurance policies. Founded in 1972 and headquartered in Delaware, PMI underwent bankruptcy proceedings in November 2011 and emerged from bankruptcy on October 1, 2013. Since then, the company has focused on pursuing strategic transactions to enhance long-term shareholder value. Michael Edward Kelly has served as the Chief Executive Officer, Chief Financial Officer, and Director since November 2022, bringing extensive experience in corporate restructuring, capital markets, and strategic investments. PMI's corporate governance imposes significant restrictions on the acquisition and disposition of its shares to prevent ownership concentration among shareholders. The company's recent operational focus remains on maximizing shareholder value through strategic opportunities rather than active mortgage policy issuance, reflecting its significant restructuring and operational shifts in the past decade.