Leadership position in credit-union niche Strong credit quality of credit-union customers Conservative underwriting philosophy Effective use of parent's access to credit unions Difficult conditions in mortgage industry Dependence on financially troubled parent's operational support Heightened competition from other mortgage insurers Narrow, focused market niche Standard&Poor's Ratings Services' insurer financial strength rating on CMG Mortgage Insurance Co. (CMG MI) is based on its leadership position within its niche credit-union market, the strong credit quality of credit-union customers, and a conservative underwriting philosophy. The difficult macroeconomic environment, which caused CMG MI to report weak operating results in 2009 and 2010 and continues to impair its 2011 results, offsets the strengths. CMG MI also faces sustained competition as peers increasingly pursue
