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Article: The PMI Group, Inc. to Acquire R&SA's Lenders' Mortgage Insurance Business.
- Article from:
- Business Wire
- Article date:
- October 6, 2003
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Business Editors
WALNUT CREEK, Calif.--(BUSINESS WIRE)--Oct. 6, 2003
The PMI Group, Inc. (NYSE:PMI) announced that its wholly owned subsidiary, PMI Mortgage Insurance Company Limited (PMI Europe), has acquired the UK lenders' mortgage insurance (LMI) business of Royal & Sun Alliance Insurance Group plc (R&SA).
The acquisition of the LMI business is subject to regulatory and UK court approval, which is anticipated to take approximately six months. Cooperation agreements are in place to provide R&SA's clients with access to PMI's products during this interim period and following the acquisition.
"We are delighted to acquire R&SA's LMI ...