PMI Mortgage Insurance Co. (PMI) said that it is restructuring certain modified pool policies, which resulted in positive statutory capital benefits to PMI.
In connection with the restructuring, PMI paid the counterparty aggregate accelerated discounted claim payments of about $264 million, subject to certain adjustments.
The positive impact that the restructurings had on PMI's loss reserves for the fourth quarter of 2009 resulted in an estimated aggregate statutory benefit to PMI of about $51 million.
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