PMI Swings to a Loss On Increased Claims

PMI Group Inc. swung to a first-quarter loss on increased claims and reserves at its U.S. operations, as the company wrote off the remaining value of its stake in Financial Guaranty Insurance Co., calling into question the future of ailing bond insurer FGIC.

The mortgage insurer reported a net loss of $274 million, or $3.37 a share, compared with a net income of $102 million, or $1.16 a share, a year earlier.

Revenue ...