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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 17, 2000
THE PMI GROUP, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 1-13664 94-3199675
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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601 MONTGOMERY STREET, SAN FRANCISCO, CALIFORNIA 94111
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (415) 788-7878
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(Former name or former address, if changed since last report.)
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Item 4. Changes in Registrant's Certifying Accountant
At a meeting held on February 17, 2000, the Board of Directors of the
Company approved the engagement of Ernst & Young LLP as its independent auditors
for the fiscal year ending December 31, 2000 to replace the firm of Deloitte &
Touche LLP, who were dismissed as auditors of the Company effective February 17,
2000. The audit committee of the Board of Directors, subject to ratification of
the Company's stockholders, approved the change in auditors on February 17,
2000.
The reports of Deloitte & Touche LLP on the Company's financial statements for
the past two fiscal years did not contain an adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope, or
accounting principles.
In connection with the audits of the Company's financial statements for each of
the two fiscal years ended December 31, 1998 and 1999, and in the subsequent
interim period, there were no disagreements with Deloitte & Touche LLP on any
matters of accounting principles or practices, financial statement disclosure,
or auditing scope and procedures which, if not resolved to the satisfaction of
Deloitte & Touche LLP would have caused Deloitte & Touche LLP to make reference
to the matter in their report. There were no "reportable events' as that term is
described in Item 304(a)(1)(v) of Regulation S-K. The Company has requested
Deloitte & Touche LLP to furnish it a letter addressed to the Commission stating
whether it agrees with the above statements. A copy of that letter, dated
February 23, 2000 is filed as Exhibit 16.1 to this Form 8-K.
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Item 7. Financial statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
The following exhibits are filed with this report:
Exhibit No. Description
16.1 Letter re Change in Certifying Accountant dated February 23, 2000
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The PMI Group, Inc.
(Registrant)
February 23, 2000 By: /s/ John M. Lorenzen, Jr.
John M. Lorenzen, Jr.
Executive Vice President,
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
16.1 Letter re Change in Certifying Accountant dated February 23, 2000.
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EXHIBIT 16.1
[DELOITTE & TOUCHE LLP LETTERHEAD]
February 23, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read and agree with the comments in paragraphs 2 and 3 of Item 4 of Form
8-K of the PMI Group, Inc, dated February 23, 2000.
Yours truly
/s/ Deloitte & Touche LLP
