PMI launches guaranty subsidiary

PMI Group has launched a new entity to provide credit enhancement for mortgages and other asset classes. The New Jersey-based company, PMI Guaranty, will use its balance sheet to provide guarantees for structured portfolio and capital market transactions.

PMI Guaranty, which starts with a statutory capital position of $200 million, will be rated AA+ by Fitch, Aa3 by Moody’s and AA by Standard & Poor’s.

The company is headed up by Winston Wohr and Art Slepian. Wohr, managing director and chief op

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