Form 3 Cameron Andrew D For: Jul 15 (10K)

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Cameron Andrew D

(Last)

(First)

(Middle)

3003 OAK ROAD

(Street)

WALNUT CREEK

94597

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/15/2008

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)
Group SVP, Gen Cnsl, Secretary

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 Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,738	D
Common Stock	445	I	By 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 Excercise 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 Excercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Phantom Stock	⁽¹⁾	⁽²⁾	Common Stock	6,425	$ ⁽³⁾	D
Restricted Stock Units	⁽⁴⁾	⁽⁴⁾	Common Stock	18,000	$ ⁽⁵⁾	D
Employee Stock Option	⁽⁶⁾	02/20/2012	Common Stock	3,000	$ 35.21	D
Employee Stock Option	⁽⁶⁾	02/19/2013	Common Stock	2,500	$ 28.03	D
Employee Stock Option	⁽⁶⁾	02/18/2014	Common Stock	7,500	$ 38.8	D
Employee Stock Option	⁽⁶⁾	02/16/2015	Common Stock	9,000	$ 38.17	D
Employee Stock Option	⁽⁶⁾	02/15/2016	Common Stock	11,300	$ 43.15	D
Employee Stock Option	⁽⁶⁾	02/22/2017	Common Stock	14,000	$ 48.3	D

Explanation of Responses:

1. 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.

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

3. 1-for-1 conversion.

4. The restricted stock units vest in three equal annual installments beginning March 19, 2009.

5. 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.

6. 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.

	/s/ Andrew D. Cameron	07/23/2008
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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