PMI Mortgage Insurance Company

Investment decisions for the receivership estate are made by Barbara D. Richardson, the court-appointed Receiver, under the supervision of the Arizona Superior Court. The estate does not actively allocate to new positions; it manages a static pool of cash equivalents and illiquid real estate to fund outstanding claims. Any disposition of material assets — such as the PMI Plaza commercial property — requires court approval.

Arch Capital Group acquired PMI's mortgage insurance operating platform and the PMAC subsidiary in 2013, leaving the receivership estate with no underwriting capability. The entity that remains — PMI Mortgage Insurance Company in rehabilitation — holds the legacy claim liabilities and a set of non-operating assets. Arch Capital integrated the acquired platform into its own mortgage insurance operations.

Since October 2011, PMI has paid claims at a court-approved percentage, with the remainder deferred until additional assets become available. The percentage has risen from an initial 50% to 83% as of June 2025. When the Receiver authorizes an increase, PMI also issues true-up payments to policyholders who were previously paid at the lower rate, making them whole to the new percentage.

PMI Mortgage Insurance Company was the primary operating subsidiary of The PMI Group, Inc., a publicly traded holding company that filed for bankruptcy following the 2008 financial crisis. The PMI Group emerged from Chapter 11 under CEO Michael E. Kelly and is now controlled by Lancer Capital LLC, which is backed by Avram Glazer. However, the insurance entity in rehabilitation operates independently as a receivership estate under Arizona regulatory control.

The estate holds cash and cash equivalents, the PMI Plaza commercial office building in Walnut Creek, a land parcel in Florida, and residual invested assets tied to the mortgage insurance business in rehabilitation. It also carries California net operating loss carryforwards that could hold value for certain acquirers of the corporate shell. No new investments are being made.