London (31 March 2009) –
Genworth Financial has renewed a deal to provide mortgage insurance to Skipton Building Society, the UK’s 5th largest mutual.
“Genworth’s expertise in risk management, particularly in the high loan-to-value segment makes them an ideal partner for Skipton Building Society,” said David Harvey, Head of Credit Risk at Skipton.
“We are in a challenging economic environment and are delighted to have a partnership with a specialist insurer who will support our lending plans now and in the future”.
“Genworth continues to help mortgage lenders find solutions for risk transfer that suit their business requirements and satisfy the requirements of regulators. We are delighted to renew our relationship with Skipton Building Society” said Tammy Richardson, Managing Director - Commercial for Genworth’s European MI business.
“We are seeing increased interest from policy makers and other market commentators who are promoting the concept of universal mortgage insurance, either with or without government support, to re-build confidence in the UK mortgage market”, added Richardson.
“In return for taking on the risk of HLTV, Genworth insists upon stringent lending criteria - we are effectively acting as an additional seal of quality for mortgage loans – a step that we believe is welcomed by the investment community”.
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Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth hasmore than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth 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 enrol to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrolment information is found under the "Investors" section of Genworth.com.
Contact:
Media
Guy Genney, +44 208 380 3786; guy.genney@genworth.com
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