PMI Shareholders Elect Directors; CEO L. Stephen Smith Re-elected Chairman

WALNUT CREEK, Calif., May 15 /PRNewswire-FirstCall/ -- The PMI Group, Inc. announced today that at the Company's Annual Meeting of Shareholders all eleven director nominees were re-elected to the Board of Directors. Following the meeting, the Board of Directors re-elected PMI Chief Executive Officer L. Stephen Smith as Chairman of the Board. The members of the PMI Board of Directors are:

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

Shareholders also approved the Company's amended and restated bonus incentive plan and an amendment to the Employee Stock Purchase Plan, or ESPP, increasing the maximum number of shares of common stock that may be issued under the ESPP by 750,000 shares. Shareholders also ratified the appointment of Ernst & Young, LLP as independent auditors for the corporation for the year ending December 31, 2008.

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/.