AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
PMI Group Takes Control of FGIC.
An investor group led by mortgage insurance giant PMI Group has agreed to buy Financial Guaranty Insurance Co. here from General Electric Capital for $2.16 billion.
After the deal closes, PMI will own
42% of FGIC, a top player in the municipal bond insurance market. FGIC is also an insurer of asset-backed deals, which includes subprime residential mortgages.
PMI competes against another GE unit, GE Capital Mortgage Insurance, Raleigh, N.C., in the mortgage insurance arena.
In the past, FGIC has dabbled in the mortgage business by purchasing mortgage bonds and subordinated pieces of mortgage-backed bonds.
The acquisition - which has been in the works for several months - will help further diversify PMI's operations. (In the second quarter, Walnut Creek, Calif.-based PMI suffered a 14% decline in earnings due to rising claim payments on delinquent residential loans.)
Besides PMI, two other mortgage insurers, MGIC and Radian, had expressed interest in FGIC, but both were not part of the final group of investors. PMI is the second largest MI in the U.S. MGIC is the largest.
- Mergers & Acquisitions: The PMI Group Sets Sights on Acquiring Controlling...
- Magazine article from: The Bond Buyer Walker, Susanne December 23, 2003 700+ words
...corporate relations at the PMI Group, said in an interview...Electric Capital Corp., FGIC's former owner, currently...Bivona said that "FGIC is truly an independent...Corso said that the PMI Group would want to increase its stake in FGIC because "it's a great...
- Investor Group Led by The PMI Group, Inc. Completes Acquisition of FGIC.
- Press release article from: Business Wire December 18, 2003 700+ words
...Dec. 18, 2003 The PMI Group, Inc. (NYSE:PMI...Insurance Company ("FGIC") from GE Capital Corporation...Bivona, "As always, FGIC will be supported by...with the acquisition of FGIC, The PMI Group, Inc.'s senior unsecured...
- The PMI Group, Inc. Hires Winston Wohr to Develop Business Opportunities with...
- Press release article from: Business Wire May 26, 2004 700+ words
...a subsidiary of The PMI Group, Inc. (NYSE:PMI...Insurance Company, or FGIC, and PMI's domestic...insurance businesses. The PMI Group, Inc. is the lead strategic...investor in a group that owns FGIC, a New York-based financial...
- The PMI Group, Inc. Fourth Quarter 2007 Financial Results Delayed Due to...
- Press release article from: PR Newswire February 21, 2008 700+ words
...FirstCall/ -- The PMI Group, Inc. announced...financial results from FGIC Corporation ("FGIC...must be obtain from FGIC in order for PMI to...conference call as soon as FGIC's results are known. About The PMI Group, Inc. The PMI Group...
- PMI Group Buys Controlling Stake in FGIC from GE Capital for $2.16 Bil.
- Magazine article from: National Mortgage News Muolo, Paul August 11, 2003 700+ words
An investor group led by PMI Group has agreed to buy Financial...closes, PMI will own 42% of FGIC, an insurer of municipal bonds...the MI arena. In the past, FGIC has dabbled in the mortgage...had expressed interest in FGIC, but both were not part of...
- PMI Group Looking at FGIC?
- Magazine article from: National Mortgage News July 7, 2003 700+ words
...with analysts, leaders of the PMI Group here were asked to comment on...investment group seeking to buy FGIC, a financial guaranty firm...field where PMI has expertise. FGIC, based in New York, provides...of the General Electric Co. FGIC officials did not respond to...
- The PMI Group, Inc. Leads Investor Group in Acquisition of Financial Guaranty...
- Press release article from: Business Wire August 4, 2003 700+ words
...synergies between FGIC and the existing companies of The PMI Group," said Roger Haughton, PMI Group's Chairman and...our investment in FGIC represents a solid...profile of The PMI Group. We are very excited about our FGIC investment and...
- The PMI Group, Inc. Reschedules Fourth Quarter 2007 Financial Results for March...
- Press release article from: PR Newswire March 10, 2008 700+ words
...Financial Results from FGIC WALNUT CREEK, Calif...FirstCall/ -- The PMI Group, Inc. announced today...financial results from FGIC Corporation ("FGIC...financial information from FGIC necessary for the Company...879-3992. About The PMI Group, Inc. The PMI ...