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 the company's conservative underwriting philosophy. Offsetting these strengths are sustained competition from peers in the credit union market and CMG MI's narrow focus on this market. Through the first half of 2013, credit unions originated about 7.1% of all U.S. mortgages. CMG MI currently remains dependent on its parents for operational support. This is mitigated by the announced acquisition of CMG MI and PMI Mortgage Insurance Co.'s (PMI) technology platform, systems, and related assets by Arch U.S. MI Holdings' (Arch), a subsidiary of
