PMI Group to sell Asian operations for $56M

By Associated Press
August 29, 2008 | Comments (0)

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Mortgage insurer PMI Group Inc. said Friday it will sell its Asian operations to QBE Insurance Group Ltd. for $56 million.

QBE will pay $44.8 million in cash, with the remainder payable in the form of a promissory note due in September 2011.

The amount of the promissory note could be reduced based on PMI Asia's existing insurance portfolio not reaching certain targets.

The sale is part of PMI Group's plan to improve its liquidity and focus its operations on its domestic mortgage insurance operations. PMI Group previously agreed to sell its Australian operations to QBE and is closing its operations in Canada as part of the plan.

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