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Iordanou, who previously worked at AIG, expanded his Bermuda-based commercial insurer by pushing into the business of backing home loans in 2013 with an agreement to add assets from PMI Group Inc.
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PMI, also known as private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies.
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PMI Group Inc. filed for bankruptcy protection after the mortgage insurer lost a court bid to undo the takeover by Arizona regulators of PMI Mortgage Insurance Co. (MIC), its main unit. The company.
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