PMI Australia becomes QBE Lenders’ Mortgage Insurance
PMI Australia has changed its name to QBE Lenders’ Mortgage Insurance Ltd (QBE LMI) after QBE won regulator approval to take over the former US mortgage insurer.
While QBE LMI will continue business as usual under existing management, CEO Ian Graham says the new ownership will bring stability to the company.
“In this uncertain environment, we believe customers will clearly benefit from the financial strength, expertise and operational excellence of QBE,” he said.
Both Standard & Poor’s and Moody’s have affirmed the mortgage insurer’s ratings at one notch higher than core QBE operating entities.
“QBE is well positioned to provide the financial support necessary for PMI Australia to consistently comply with the Australian Prudential Regulation Authority’s [APRA] regulatory capital level and any additional capital needed to grow the business,” Moody’s said.
While QBE LMI will continue business as usual under existing management, CEO Ian Graham says the new ownership will bring stability to the company.
“In this uncertain environment, we believe customers will clearly benefit from the financial strength, expertise and operational excellence of QBE,” he said.
Both Standard & Poor’s and Moody’s have affirmed the mortgage insurer’s ratings at one notch higher than core QBE operating entities.
“QBE is well positioned to provide the financial support necessary for PMI Australia to consistently comply with the Australian Prudential Regulation Authority’s [APRA] regulatory capital level and any additional capital needed to grow the business,” Moody’s said.