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PMI Mortgage Insurance Australia Holdings Pty Ltd & QBE Insurance Group Ltd	Update Date: 11/26/08
Date Announced: 08/14/08
Value (million $USD): 920.5 million U.S. Dollar

Status: Completed

TRANSACTION DETAILS
Date Announced	08/14/08
Date Originally Announced	08/14/08
Format	Acq. of Assets	Acquisition techniques	Divestiture
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	920.5 million U.S. Dollar	Advisor Fees	n/a

SYNOPSIS
AUSTRALIA - QBE Insurance Group Ltd (QI) acquired PMI Mortgage Insurance Australia Holdings Pty Ltd, an insurance company, from PMI Group Inc for A$846.82 million (US$736.39 million) in cash and A$211.7 million (US$184.098 million) in promissory notes. Concurrently, QI agreed to acquire PMI Mortgage Asia Ltd. The transaction had been subject to due diligence completion and regulatory approval.

TARGET
Name	PMI Mortgage Insurance Australia Holdings Pty Ltd
Industries	Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance
City	Sydney, New South Wales
State	n/a
Nation	Australia
Incorporated in	n/a
Public Status	Subsidiary
Business Description	PMI Mortgage Insurance Australia Holdings Pty Ltd is an insurance company based in Sydney, New South Wales. Its product names are pmiADVANTAGE, pmiGOLD and pmiLOWDOC. The company was founded in 1965.
Advisors	Credit Suisse Group; Caliburn Partnership Pty Ltd
Target Sales	n/a

ACQUIROR
Name	QBE Insurance Group Ltd (Australia : QBE)
Industries	Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance
City	Sydney, New South Wales
State	n/a
Nation	Australia
Incorporated in	n/a
Public Status	Public
Business Description	QBE Insurance Group Ltd, based in Sydney, New South Wales, Australia, is an insurance company that offers general insurance and reinsurance services and manages Lloyd's syndicates and other investments in Australia, the Asia-Pacific, the Americas and Europe. The company was founded in 1886.
Advisors	NULL
Acquiror Sales	10.01 billion U.S. Dollar 11.47 billion Australian Dollar

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