SAN FRANCISCO In a bid to expand globally, mortgage insurer PMI Group Inc., said Monday that it has established a Dublin subsidiary, PMI Mortgage Insurance Co. Ltd., to sell its insurance products to European homebuyers.
Europe is a large, underserved market for PMIs products, said Claude Seaman, group executive vice president for strategic investments. According to PMI, total mortgage debt outstanding in Europe exceeds $3 trillion, compared with $4 trillion in the United States. Homeownership rates are also lower in most of Europe, and no mortgage insurance company is operating outside the United Kingdom and Ireland, Mr. Seaman said.