Leadership position in niche of providing mortgage insurance to credit unions. Effective use of operational support from parents. Very strong credit quality of credit unions' customers. Very strong operating performance. Dependence on operational support from parents. Increasing competition from other mortgage insurers. Deteriorating conditions in mortgage insurance industry. Narrow focus. The insurer financial strength rating on CMG Mortgage Insurance Co. (CMG MI) is based on its leadership position within in its niche focus, its effective use of operational support from parents, the very strong credit quality of credit unions' customers, and its strong operating performance. Offsetting these strengths are CMG MI's dependence on its parents for operational support and narrow focus. In addition, conditions in the mortgage insurance industry are
