The PMI Group Inc.(TPG) announced that the employment agreement between the group, and L. Stephen Smith, its Chief Executive Officer, President, and Chief Operating Officer, is expiring on June 30, 2013, and is not being extended or renewed, and Mr. Smith ceases to be Chief Executive Officer, President, and Chief Operating Officer of TPG as of such date. The board of directors of TPG appointed David W. Prager as Chief Executive Officer and Matthew Flynn as Vice President of TPG, in each case effective as of July 1, 2013. Mr. Prager and Mr. Flynn are financial and restructuring professionals at Goldin Associates, LLC.

Mr. Prager and Mr. Flynn will serve as officers at the pleasure, and under the direction, of TPG's board of directors.