PMI Names Beatriz Calvo as Country Manager for Spain

WALNUT CREEK, Calif., June 1 /PRNewswire-FirstCall/ -- The PMI Group, Inc. today announced the appointment of Beatriz Calvo as Country Manager for Spain, as it prepares to enter this key European market.

"PMI firmly believes in hiring exceptionally talented local people like Beatriz Calvo to spearhead and guide our entry into significant new markets," said Tony Porter, Managing Director of PMI Europe. "Beatriz has the experience, the industry credentials and most of all, the vision to ensure that PMI's unique capabilities in combining insurance products with innovative securitization solutions are welcomed by Spanish lenders, so that they too can realize capital relief and optimize their overall risk profile. I am delighted she has chosen to join the PMI Europe family."

Calvo brings to PMI more than 20 years of industry experience gained from serving in some of Spain's most prestigious financial services and banking sector organisations. She joins PMI from Banesto, a leading Spanish bank where she was most recently Head of Mortgage and Construction Finance. Between 2002 and 2005 she was Banesto's Head of Consumer Credit. Other roles have included tenures as Commercial Director with Banque PSA, Dun & Bradstreet, Lease Plan Espana, and KPMG Peat Marwick.

"Mortgage insurance has been widely adopted in Spain so clearly this market will benefit from a new, AA-rated entrant," commented Calvo. "Through PMI Europe's mortgage insurance we can help more Spanish people to buy their own homes. And through our capital markets securitization solutions, we can customize products to help lenders offset risk. It's going to be an exciting time ahead as I develop the team and build the operation to serve this key European market."

PMI Europe opened for business in Dublin, Ireland in 2001 and has since built a strong network of dedicated offices across major European countries including the UK, Ireland, Germany, Italy, and Belgium. Subject to final regulatory approval, PMI sees Spain as an important addition to its European market development plans.

The PMI Group, Inc.

The PMI Group, Inc. , headquartered in Walnut Creek, CA, provides innovative credit, capital, and risk transfer solutions that expand homeownership and fund essential services for our customers and the communities they serve around the world. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products, financial guaranty insurance, and financial guaranty reinsurance. PMI has operations in Asia, Australia and New Zealand, Canada, Europe, and the United States. For more information: http://www.pmigroup.com/.