SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Berkowitz Joanne Margaret

(Last)

(First)

(Middle)

THE PMI GROUP, INC.

3003 OAK ROAD

(Street)

WALNUT CREEK

94597

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/19/2008

3. Issuer Name and Ticker or Trading Symbol
PMI GROUP INC [ PMI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	213	I	By 401(k) Plan
Common Stock	213	I	By Spouse 401(k) Plan

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option	03/19/2009⁽¹⁾	03/19/2018	Common Stock	36,000	$5.25	D
Employee Stock Option	02/22/2008⁽¹⁾	02/22/2017	Common Stock	36,000	$48.3	D
Employee Stock Option	02/15/2007⁽¹⁾	02/15/2016	Common Stock	35,400	$43.15	D
Employee Stock Option	02/16/2006⁽¹⁾	02/16/2015	Common Stock	26,000	$38.17	D
Employee Stock Option	02/18/2005⁽¹⁾	02/18/2014	Common Stock	9,200	$38.8	D
Employee Stock Option	02/19/2004⁽¹⁾	02/19/2013	Common Stock	4,441	$28.03	D
Employee Stock Option	02/20/2003⁽¹⁾	02/20/2012	Common Stock	6,800	$35.21	D
Employee Stock Option	02/22/2008⁽¹⁾	02/22/2017	Common Stock	8,500	$48.3	I	By Spouse
Employee Stock Option	12/08/2006⁽²⁾	02/18/2009	Common Stock	91	$46.8	I	By Spouse
Employee Stock Option	02/15/2007⁽¹⁾	02/15/2016	Common Stock	8,300	$43.15	I	By Spouse
Employee Stock Option	02/16/2006⁽¹⁾	02/16/2015	Common Stock	8,000	$38.17	I	By Spouse
Employee Stock Option	06/07/2004⁽²⁾	02/18/2009	Common Stock	3,532	$43.82	I	By Spouse
Employee Stock Option	02/18/2005⁽¹⁾	02/18/2014	Common Stock	6,300	$38.8	I	By Spouse
Employee Stock Option	02/19/2004⁽¹⁾	02/19/2013	Common Stock	5,110	$28.03	I	By Spouse
Employee Stock Option	02/20/2003⁽¹⁾	02/20/2012	Common Stock	6,000	$35.21	I	By Spouse
Phantom Stock	⁽³⁾	⁽⁴⁾	Common Stock	10,748	$0.00	D
Restricted Stock Units	⁽⁵⁾	⁽⁵⁾	Common Stock	18,000	⁽⁶⁾	D
Restricted Stock Units	⁽⁵⁾	⁽⁵⁾	Common Stock	8,000	⁽⁶⁾	I	By Spouse

Explanation of Responses:

1. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3. Stock options are exercisable in three equal installments on the first, second and third anniversaries of the grant.

2. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3. Stock options are immediately exercisable on the date of the grant.

3. Phantom stock units include employer match units and are to be settled in cash or shares on the payment date determined under The PMI Group, Inc. Officer Deferred Compensation Plan.

4. Phantom stock units are to be settled on the payment date determined under The PMI Group, Inc. Officer Deferred Compensation Plan.

5. Restricted stock units vest in three equal annual installments beginning March 19, 2009.

6. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3. Each restricted stock unit represents a contingent right to receive one share of PMI common stock.

Remarks:

	/s/ Joanne M. Berkowitz	11/25/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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