PMI Group asserted this week that an independent actuarial analysis supports its deep-cede captive reinsurance program, which has come under increased scrutiny in recent months from government regulators and industry observers. Captive reinsurance involves an insurer sharing portions of its risk on loans originated by certain lenders with reinsurance companies affiliated with these lenders. In return, a proportional amount of the insurer’s premiums is ceded to the captive reinsurers. The deals provide mortgage insurers with…