UPDATE: The PMI Group, Inc. Commences Voluntary Chapter 11 Proceeding to Protect Stakeholders

As a result of the previously-announced seizure by the Director of the Arizona Department of Insurance of its primary regulated subsidiaries on October 20, 2011, The PMI Group, Inc. (NYSE:

) announced today that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.  The Company intends to use the protections of the Bankruptcy Code to assess its strategic and other options for preserving stakeholder value in light of the actions taken by the ADI Director.