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The stock was up 10 cents just after 8:40 am ET, advancing to $3.24. If pre-market gains hold, the stock will open at its highest level since Monday.
PMI Group announced that it has signed a definitive agreement with QBE Insurance Group Ltd. for the sale and transfer of its Asia operations.
The company noted that the aggregate purchase price payable upon closing is about $56 million, which is subject to adjustment under certain limited circumstances.
The purchase price would be payable 80% in cash at closing and 20% payable in the form of a promissory note issued by QBE, the company said.
The company added that it anticipates closing the QBE Insurance transaction by September or October 2008.
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