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PMI Inks Deal to Sell Aussie Insurance Ops 

Aug 14, 2008By

Citing a desire to “focus on core U.S. mortgage insurance,” The PMI Group, Inc. [stock PMI][/stock] said Thursday that it had entered into a deal to sell its Australian mortgage insurance operations to QBE Insurance Group Limited, Australia’s largest international general insurance and reinsurance group. PMI’s U.S. operations have been bleeding cash in recent quarters, and the sale will allow PMI to gain further cash to strengthen it’s stateside MI business.