PMI to Sell Asian Ops

The PMI Group Inc., a mortgage insurer based in Walnut Creek, Calif., has announced the signing of an agreement to sell its Asia operations to QBE Insurance Group Ltd. PMI said the purchase price of approximately $56 million (subject to adjustment under certain circumstances) represents approximately 100% of the net tangible asset value of PMI Asia under U.S. generally accepted accounting principles as of June 30. The price will be payable 80% in cash and 20% in the form of a promissory note issued by QBE. "This transaction represents further progress in the execution of our five-point plan and provides additional financial resources to support our holding company and core U.S. mortgage insurance business," said Steve Smith, PMI's chairman and chief executive. PMI can be found on the Web at http://www.pmigroup.com.