The insurer financial strength rating on CMG Mortgage Insurance Co. (CMG) is based on strong parental support, very strong operating results, a unique dominant niche in serving credit unions, and extremely strong capitalization. Offsetting the company's strengths are its small market share and virtual saturation in its target customer base. CMG is a 50/50 joint venture of PMI Mortgage Insurance Co. (PMI MIC), a major mortgage insurer and CUNA Mutual Insurance Society (CUNA Mutual), an insurer owned by its many credit union company members. PMI supplies technical mortgage insurance (MI) expertise, underwriting, and back office support, whereas CUNA Mutual provides unfettered access to its diverse base of more than 1,000 credit unions. At year-end 2005, CMG's statutory loss and expense
