December 23, 2009 / 1:04 PM / 10 years ago

UPDATE 1-PMI restructures certain policies, gets $51 mln benefit

* Says to restructure certain modified pool policies

* Says gets capital benefit of about $51 million

Dec 23 (Reuters) - PMI Group Inc PMI.N said its mortgage insurance unit incurred a statutory capital benefit of about $51 million as part of a restructuring of certain modified pool policies.

In connection with the restructuring, the mortgage insurer paid the counterparty aggregate discounted claim payments of about $264 million, the company said.

Prior to 2008, PMI wrote modified pool policies on loans which feature aggregate stop-losses, per loan coverage liability caps and in some cases also include deductibles which must be reached before PMI would become liable to pay claims.

Shares of the Walnut Creek, California-based company closed at $2.46 Tuesday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore, Editing by Dinesh Nair)

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