To focus on its core US mortgage insurance operations
PMI Mortgage Insurance has sold its entire investment in RAM Holdings, a holding company for RAM Reinsurance Company.
RAM Holdings is a Bermuda-based provider of financial guaranty reinsurance. It provides financial guaranty reinsurance for public finance and structured finance obligations, covering risks in both the US and other markets.
The company said that it had impaired its investment in RAM Holding in 2008 and reduced the carrying value of the investment to zero. The completion of the sale continues the company’s focus on its core US mortgage insurance operations and the proceeds from the sale will add to PMI Mortgage Insurance liquidity position.
Headquartered in Walnut Creek, CA ,PMI Mortgage Insurance provides credit enhancement solutions that expand homeownership while supporting customers and the communities they serve. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products.