On March 14, 2002, Standard & Poor's affirmed its counterparty credit and insurer financial strength ratings on U.S. domestic residential mortgage insurer CMG Mortgage Insurance Co. (CMG). The outlook is stable. CMG is a 50%-50% joint venture of PMI Mortgage Insurance Co. (PMI), also a U.S. residential mortgage insurer, and, ultimately, of CUNA Mutual Insurance Society (CUNA Mutual), a life, accident, and health insurer owned by thousands of credit union policyholders. Benefiting from a loss ratio that should again be the best in the industry, the effect of increased volume in 2001 on premium in 2002, continued, if modest, growth of market share in 2002, lower processing expenses because of the end of the refinance boom, and from more mortgage
