PMI CFO John Lorenzen to Retire

July 18, 2002

SAN FRANCISCO--(BUSINESS WIRE)-- The PMI Group, Inc. (NYSE:PMI) today announced the retirement of John Lorenzen, executive vice president and chief financial officer, effective March 31, 2003. Lorenzen has served as PMI's chief financial officer for 17 years.

"John Lorenzen has been a key member of our executive management team," said W. Roger Haughton PMI's chairman and chief executive officer. "His financial acumen, strong knowledge of the capital and reinsurance markets, and thorough understanding of our company's business has been instrumental to PMI's growth. His management of our capital position, as well as our finance and accounting operations, has been invaluable. John has established significant credibility for PMI within the investment community, and with the rating agencies. He is a tremendous source of sound strategic and financial advice to our Board and executive management team, so I am extremely pleased John has agreed to consult with our company after his retirement. His ongoing involvement will allow us to continue to utilize his expertise."

"My years at PMI have been very exciting and professionally fulfilling," said John Lorenzen. "I am sorry to be leaving, but I am looking forward to retirement. In addition to consulting for PMI, I plan to join some corporate boards, where I will be able to contribute my financial and accounting expertise, and play some golf. I know that PMI will continue to grow and prosper under Roger's leadership of the PMI team."

Lorenzen joined PMI in 1985 as Controller and was promoted to chief financial officer later that same year. Earlier in his tenure he managed PMI's investment in its wholly-owned subsidiary, American Pioneer Title Insurance Company and spearheaded PMI's investment in Ram Reinsurance. He was CFO during PMI's 1995 spin-off from The Allstate Corporation and managed PMI's 2001 issuance of $360 million in convertible debentures. Prior to joining PMI he served as vice president & controller of VISA International and vice president of Finance and Administration with Castle & Cooke, Inc.

PMI has retained an executive search firm to recruit Lorenzen's successor.

Source: The PMI Group, Inc

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