* 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)