PMI sells its Australian assets to QBE Insurance Group for $920 Million
Citigroup reported record losses, but their announcement that they expect to return to profitability next quarter led to a general increase for stocks affected by the subprime problem. PMI had a $3.34 run up.
PMI Group announced that it expects a Q3 net loss of $1.05 per share and the company withdrew its 2007 loss and other financial guidance. The company incurred losses in its U.S. Mortgage insurance operations, and it expects paid claims, loss adjustment expenses of approximately $350 million in the quarter. Further, the company has been severely hit by weak housing and mortgage market.