PMI Group Seeks Ch. 11 After Regulator Takeover

Law360, New York (November 23, 2011, 4:48 PM EST) -- Residential mortgage insurer PMI Group Inc. filed for Chapter 11 bankruptcy protection Wednesday in Delaware in an effort to preserve its remaining assets in the wake of the Arizona Department of Insurance's recent seizure of its primary subsidiaries.

The subsidiaries — PMI Mortgage Insurance Co. and PMI Insurance Co. — came under the control of the ADI director Oct. 20, two months after the regulator began supervising their efforts to satisfy minimum state regulatory capital requirements.

The ADI obtained an interim order to take control of...
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