PMI Boosts Stake in RAM Re

The PMI Group Inc., Walnut Creek, Calif., has reported making an additional $24.4 million investment in RAM Reinsurance Co. Ltd., a Bermuda-based financial reinsurer.The investment enables PMI to maintain a 24.9% stake in RAM Re, which raised a total of $91.6 million of additional capital, including an unspecified initial investment by MBIA Inc., one of the world's largest financial guarantee insurers. Brad Shuster, president of PMI Capital Corp., a PMI Group subsidiary, said the investment by MBIA had enabled RAM Re to preserve its triple-A rating with Standard & Poor's. PMI Group, through its subsidiaries, provides mortgage insurance in the United States, Australia, New Zealand and Europe, and mortgage guaranty reinsurance in Hong Kong. It can be found online at http://www.pmigroup.com.