Press
Pannes Named CMG MI’s Senior Vice President and General Manager
FOR IMMEDIATE RELEASE:
January 25, 2012
CONTACT:
Marisa Rawling
Corporate Communications
CMG Mortgage Insurance Company
595 Market Street, Suite 400
San Francisco, CA 94105
Phone: (415) 284.2519
Fax: (800) 490.6757
marisa.rawling@cmgmi.com – www.cmgmi.com
SAN FRANCISCO – Jan. 25, 2012 – CMG Mortgage Insurance Company (CMG MI) announced that Pete Pannes has been named senior vice president and general manager.
Mr. Pannes assumes the role following the retirement of G. Michael Edwards in November, joining co-senior vice president and general manager Kim Shaul in the leadership of the company. Under the terms of the joint venture agreement between CMG MI’s parents, CUNA Mutual Group and PMI Mortgage Insurance Co., the company is always headed by two senior vice presidents and general managers.
Ms. Shaul oversees marketing, sales, legal and product development; Mr. Pannes will supervise insurance operations, including risk management, underwriting, customer service, and loss mitigation.
Pannes’ appointment marks his return to CMG MI. Having joined the company at its launch in 1994, he served subsequently in a number of key management positions, including that of senior vice president and general manager between 2002 and 2004. Most recently, he has been senior vice president for Field Sales and National Accounts at PMI Mortgage Insurance Co.
“We’re excited to welcome Pete back to CMG MI,” Ms. Shaul said. “During his previous tenure, he was instrumental in establishing CMG MI as the dominant mortgage insurer for the credit union segment. Pete’s industry experience, understanding of credit union needs and familiarity with our customers make him the ideal candidate to join me in leading CMG MI.”
Shaul promised a smooth transition that would have no impact on CMG MI’s service to customers.
Mr. Pannes expressed strong enthusiasm about rejoining the company. “CMG MI is a cornerstone franchise and a market leader,” he said. “It has a long history of providing exceptional value to the credit union mortgage market and I’m excited to once again be a part of that.
“My goal will be to ensure that CMG MI continues to be the provider of choice for mortgage insurance and first-loss loan portfolio protection in the markets we serve,” he continued. “CMG MI is one of the strongest counterparties in the industry. Safeguarding that financial strength, combined with perfecting the delivery of innovative products and superior service, will be my key objectives.”
ABOUT CMG MI
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) operates as a corporate joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co. The company provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, CMG MI facilitates the sale of low-down-payment mortgages in the secondary mortgage market and expands homeownership opportunities by enabling credit union members to buy a home with a down payment of less than 20 percent. For more information, visit www.cmgmi.com.