The PMI Group, Inc. Promotes Tony Porter to Executive Vice President, Managing Director, International Mortgage Insurance

Business Wire, Sept 7, 2004

WALNUT CREEK, Calif. -- PMI Capital Corp., a wholly-owned subsidiary of The PMI Group, Inc. (NYSE:PMI), has announced that Tony Porter has been promoted to Executive Vice President, Managing Director of International Mortgage Insurance. PMI Capital Corp. manages The PMI Group, Inc.'s international mortgage insurance business and strategic investments.

Mr. Porter retains his responsibilities as Managing Director and Chief Operating Officer of PMI Mortgage Insurance Company Limited, or PMI Europe, which he joined in August 2001, shortly after it was launched. Under Mr. Porter's direction, PMI Europe has made significant inroads into the European mortgage insurance and credit enhancement markets.

"Tony has done a tremendous job for PMI in numerous positions for over twenty-one years. He is an integral part of our company and his efforts over the past six years have lead to the successes in our international business segments. His promotion is very well deserved and we look forward to his continued expertise in managing PMI Europe's continuing growth," said Bradley Shuster, President and Chief Executive Officer, PMI Capital Corp.

Mr. Porter joined PMI in 1983. Prior to his current position with PMI Europe, Mr. Porter led the acquisition of PMI Australia and was responsible for integrating the company into The PMI Group, Inc.'s structure. Porter played a key role in working with the PMI Australia management team to position the company as the leading provider of mortgage insurance in the Australian and New Zealand mortgage insurance markets. Previous to establishing PMI in Australia, Mr. Porter led PMI's entry into Hong Kong, where it continues successfully today.

The PMI Group, Inc., headquartered in Walnut Creek, CA, is an international provider of credit enhancement products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance and financial guaranty reinsurance.

PMI Mortgage Insurance Company Limited, or PMI Europe, is a mortgage insurance and credit enhancement company incorporated and located in Dublin, Ireland, with an affiliated sales company incorporated in England and located in London. PMI Europe is authorized to provide credit, suretyship and miscellaneous financial loss insurance by the Irish Financial Services Regulatory Authority.

Cautionary Statement: Statements in this release that are not historical facts or that relate to future plans, events or performance are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to the performance of PMI's international business segment, specifically PMI Europe. Many factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements, including changes in economic and market conditions in Europe and Australia, changes in the demand for credit enhancement products, and legal, regulatory and competitive developments. Other risks and uncertainties are discussed in PMI's SEC filings, including its Form 10-Q for the quarter ended June 30, 2004. PMI undertakes no obligation to update forward-looking statements.