PMI Shareholders Elect Directors; CEO L. Stephen Smith Named Chairman

WALNUT CREEK, Calif., May 17 /PRNewswire-FirstCall/ -- The PMI Group, Inc. announced today that at the Company's Annual Meeting of Shareholders all thirteen director nominees were re-elected to the Board of Directors. Following the meeting, the Board of Directors elected PMI Chief Executive Officer L. Stephen Smith as Chairman of the Board, replacing Roger Haughton, who retired from the Board. The members of the PMI Board of Directors are:

-- Mariann Byerwalter; -- Dr. James C. Castle; -- Carmine Guerro; -- Wayne E. Hedien; -- Louis G. Lower II; -- Raymond L. Ocampo Jr.; -- John D. Roach; -- Dr. Kenneth T. Rosen; -- Steven L. Scheid; -- L. Stephen Smith; -- Jose H. Villarreal; -- Mary Lee Widener; and -- Ronald H. Zech.

Shareholders also ratified the appointment of Ernst & Young, LLP as independent auditors for the corporation for the year ending December 31, 2007.

The PMI Group, Inc.

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. Through its subsidiaries, The PMI Group, Inc. is one of the world's largest providers of private mortgage insurance with operations in the United States, Australia, New Zealand, and the European Union, as well as one of the largest providers of mortgage guaranty reinsurance in Hong Kong. For more information: http://www.pmigroup.com/.