NEW YORK, NY--(Marketwire -02/03/12)- Expectations for Mortgage Insurers remain poor in 2012 as significant weakness remains in the jobs and housing markets. In late January, S&P lowered its outlook on three mortgage insurers -- MGIC Investment Corporation, Genworth Financial and Radian Group -- explaining that its outlook on both the parent and mortgage insurance segment remains negative. Five Star Equities examines the outlook for companies in the Property & Casualty Insurance Industry and provides equity research on PMI Group, Inc. (Pinksheets: PPMIQ.PK - News) and Radian Group, Inc. (NYSE: RDN - News). Access to the full company reports can be found at:
Earlier this week The Mortgage Insurance Companies of America (MICA) released its monthly statistical report with member companies reporting a total of $467,553 million in primary insurance in force for the month of December 2011. The number of private mortgage insurance applications received in December by MICA members totalled 26,036, MICA reported. Meanwhile, MICA members reported 38,481 defaults and 27,301 cures in December. Statistics from the report include data from Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and Republic Mortgage Insurance Company.
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Radian Group Inc., through its subsidiaries, provides credit-related insurance coverage and financial services in the United States and internationally. In January, Assured Guaranty Ltd. agreed to reassume a $12.9 billion portfolio reinsured by a subsidiary of Radian Group. Radian CEO S.A. Ibrahim said the deal is expected to increase the capital of Radian Asset by $100 million in the first quarter, strengthening the company's capital position.
The PMI Group, Inc., through its subsidiary, PMI Mortgage Insurance Co., provides residential mortgage insurance products to mortgage lenders and investors in the United States.
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