The PMI Group, the second-largest mortgage insurer in the country and one of the East Bay’s biggest public companies, has sold off its Hong Kong-based operations to the very company it used to own, in an effort to raise cash and save itself from the grave. Last October, PMI sold its Australian outfit, PMI Australia, to QBE Insurance Company Ltd. for $920 million. Now, it’s sold PMI Asia to what used to be PMI Australia. Hope this works, fellas.
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