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NMIH > SEC Filings for NMIH > Form 8-K on 2-Jul-2014All Recent SEC Filings

Show all filings for NMI HOLDINGS, INC.



Other Events

Item 8.01. Other Events
Effective July 1, 2014, NMI Holdings, Inc. (the "Company") entered into a settlement agreement (the "Settlement Agreement") with Arch U.S. MI Services, Inc. ("Arch"), Germaine J. Marks and Truitte D. Todd, in their capacities as, respectively, Receiver and Special Deputy Receiver of PMI Mortgage Insurance Co., in Rehabilitation (collectively, the "Receiver") and PMI Mortgage Insurance Co., in Rehabilitation ("PMI"), to settle the complaint filed on August 8, 2012 by the Receiver against the Company, National Mortgage Insurance Corporation, a wholly owned subsidiary of the Company, and certain employees of the Company (collectively the "Defendants"), in California Superior Court, Alameda County (the "PMI Complaint"). Pursuant to the terms of an Asset Purchase Agreement, dated February 7, 2013, between Arch and PMI, PMI transferred and assigned to Arch all causes of action pursued in the PMI Complaint.
Pursuant to the terms of the Settlement Agreement, the Company and its insurance carriers will make a settlement payment in favor of Arch in an amount that the Company does not consider material, and Arch will release the Defendants from all claims alleged in the PMI Complaint. Following receipt of such settlement payment from the Company, Arch will dismiss the PMI Complaint with prejudice. The settlement payment will have an immaterial impact on the Company's annual financial statements.
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 hereunto duly authorized.

NMI Holdings, Inc.

Date: July 1, 2014
By: /s/ Nicole C. Sanchez
Nicole C. Sanchez
Vice-President, Assistant General Counsel

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