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Genworth creates a reinsurance treaty for mortgage insurance in Europe |
London, September 29th 2011 – Specialist insurer Genworth has announced the full placement of a new reinsurance treaty for mortgage insurance (MI) in Europe. The deal is the first of its kind in Europe, demonstrating a new confidence amongst reinsurers for this type of risk. It will create significant additional capacity for Genworth’s European Mortgage Insurance business.
The reinsurance panel for the treaty consists of a panel of seven A and AA reinsurers from London, Europe, Bermuda and USA. Leading reinsurance intermediary, Guy Carpenter brokered the transaction.
All participating reinsurers are in the “A” or “AA” rating bands, and their decision to enter the field, covering several territories, shows their confidence in Genworth and its plans for the future.
Angel Mas, president at Genworth’s European Mortgage Insurance business commented: “We are extremely pleased to announce the full placement of this treaty, which creates a European MI reinsurance market for the first time. The structure allows us to build significant capital capacity for our future growth.”
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company with more than $100 billion in assets that is dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
