PMI Australia appoints Chief Financial Officer: Michael Savery.Business Editors WALNUT CREEK, Calif.--(BUSINESS WIRE)--June 6, 2003 The PMI Group, Inc. (NYSE NYSE See: New York Stock Exchange :PMI See Private Mortgage Insurance. ) today announced the appointment of Michael Savery as Chief Financial Officer for PMI's Australia operations. This newly created position is based at the head office in Sydney. PMI Australia is one of the largest mortgage insurers in Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , with over 30 years of experience in the Australian market and 10 years in the New Zealand market. Mr. Savery's primary focus will be to direct the financial systems, controls, compliance functions and reporting of PMI Australia. Mr. Savery will work with the Managing Director and management team of PMI Australia to implement the future strategic direction of operations in Australia and New Zealand. He will be a key contributor to the continued strong growth of PMI Australia's operations. "Michael's hiring creates a tremendous opportunity for PMI Australia to utilize his 22 year track record in the financial services sector, his commercial savvy in financial management, and strong leadership skills. We're pleased to attract an individual of Michael's caliber to PMI," said PMI Australia Senior Vice President / Managing Director, Ian Graham. Mr. Savery joins PMI Australia from AMP Limited where he was Deputy Group Financial Controller. Mr. Savery effectively managed international reporting requirements for AMP with entities in the United Kingdom and New Zealand. He successfully integrated the GIO GIO Giovedì (Italian: Thursday) GIO Government Information Office GIO Geographic Information Officer GIO General Insurance Ombudservice GIO Government Information Online GIO Government Insurance Office Australia finance teams following acquisition by AMP, which resulted in cost and headcount reduction and the streamlining of processes and infrastructure. Mr. Savery holds a Bachelor of Economics with a major in accounting from the University of Sydney The University of Sydney, established in Sydney in 1850, is the oldest university in Australia. It is a member of Australia's "Group of Eight" Australian universities that are highly ranked in terms of their research performance. . He is a chartered accountant and received this recognition from the Australian Institute of Chartered Accountants. The PMI Group, Inc. (NYSE:PMI) headquartered in Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the is an international provider of credit enhancement products and lender services that promote homeownership and facilitate mortgage transactions in the capital markets. Through our wholly owned subsidiaries and unconsolidated strategic investments, we offer residential mortgage insurance and credit enhancement products domestically and internationally, residential and lender services and financial guaranty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . |
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