PMI Group Inc. said it has completed the acquisition of MCIGA Ltd., Australia's second-largest mortgage insurance company.
The sale agreement was announced in June. MGICA has about 25% of Australia's mortgage insurance market and about 40% of New Zealand's, PMI said.
Tony Porter, managing director of international markets for PMI, will move to Sydney for 18 months to be liaison for MGICA.
The acquisition is the second international venture for PMI, which announced in April that it had started writing mortgage guarantee reinsurance in Hong Kong.