Reinsurance News
Genworth
Genworth announces update to leadership structure
7th February 2023
Mortgage insurer Genworth Financial has announced that in early March, Dan Sheehan will transition out of his current combined role of Executive VP, CFO and CIO, whereupon Jerome Upton will be appointed Executive Vice President and CFO, and Kelly Saltzgaber will be appointed Executive Vice President and CIO. Sheehan will remain ... Read the full article
Genworth secures $372mn of reinsurance via Triangle Re
3rd September 2021
Private mortgage insurer Enact Holdings has announced that its subsidiary, Genworth Mortgage Insurance Corporation, has secured $372 million of fully collateralized XOL reinsurance coverage through the issuance of an insurance linked note transaction with Triangle Re 2021-3 Ltd. Triangle Re 2021-3 provides coverage on a portfolio of existing seasoned mortgage insurance ... Read the full article
Genworth terminates merger agreement with Oceanwide
7th April 2021
Mortgage insurer Genworth Financial has terminated its merger agreement with China Oceanwide Holdings Group, allowing it to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership. The proposed acquisition had initially been set for June 30th, 2019, however this date was pushed back by five months ... Read the full article
Genworth names Haendiges as CEO of US life business
3rd March 2021
Mortgage insurer Genworth Financial has appointed Brian Haendiges as President and CEO of its U.S. Life Insurance Companies, succeeding David O’Leary, who is retiring. Haendiges joined Genworth in September 2020 as Executive Vice President and Chief Risk Officer and will retain that role. Prior to joining Genworth, Haendiges served as Senior Vice President ... Read the full article
Genworth sells shares in Australian mortgage business
2nd March 2021
Genworth Financial’s wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have announced that they have sold approximately 214.3 million shares in Genworth Mortgage Insurance Australia, at A$2.28 per share. This represents Genworth's entire ownership position in Genworth Australia. Settlement of the sale will occur early March. Completion of this transaction ... Read the full article
Genworth’s focus shifts to contingency plan as Oceanwide merger stalls
4th January 2021
Genworth Financial and China Oceanwide Holdings Group have revealed uncertainty around the completion of their long-delayed merger agreement, leading mortgage insurer Genworth to focus on its contingency plan. The proposed acquisition of control by Oceanwide of Genworth’s New York-based insurance company, Genworth Life Insurance Company of New York, had initially been ... Read the full article
Genworth & Oceanwide gain further approvals for merger
2nd December 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have made further progress towards their long-delayed merger agreement after receiving confirmation of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required ... Read the full article
Genworth Mortgage Insurance obtains $349.6mn coverage from Triangle Re
23rd October 2020
Genworth Mortgage Insurance Corporation has announced that it has obtained $349.6mn of reinsurance coverage from Triangle Re Ltd. on a portfolio of existing mortgage insurance policies written from January 2020 through to August 2020. Triangle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate ... Read the full article
Genworth & Oceanwide acquisition further progressed
2nd October 2020
Mortgage insurer, Genworth Financial, Inc. and China Oceanwide Holdings Group Co., have announced that Oceanwide has reached an agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth. The key commercial terms and conditions include its $1.8 ... Read the full article
Genworth & Oceanwide confirm September merger date
2nd September 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have confirmed that their long-delayed merger agreement is still set to go ahead this month, following approval of Oceanwide’s funding plans. Genworth said that it was satisfied with the funding plans for the $2.7 billion deal, and therefore does not intend to ... Read the full article
Genworth posts $441m Q2 loss, gives update on China Oceanwide merger
30th July 2020
Mortgage insurer Genworth Financial has reported a net loss of $441 million in the second quarter of 2020, compared with net income of $168 million the the prior year quarter. The company recently reached a settlement agreement with AXA regarding a dispute over payment protection insurance claims underwritten by the company's ... Read the full article
Genworth Financial announces new leadership changes
30th July 2020
Genworth Financial, Inc. has announced that Kelly L. Groh has resigned as executive vice president and chief financial officer. These new changes will be finalised upon the completion of the company's second quarter financial close process and related Form 10-Q filing, which is expected to occur in early August. Tom McInerney, president ... Read the full article
Genworth reaches PPI settlement with AXA
21st July 2020
Mortgage insurer Genworth Financial has reached an agreement with AXA to settle a dispute that relates to liability for payment protection insurance (PPI) mis-selling losses. The losses concern mis-selling complaints for PPI underwritten by two companies that AXA acquired from Genworth in 2015, for policies sold from 1970 through 2004. Although Genworth ... Read the full article
Genworth secures $300mn mortgage reinsurance from capital markets
9th July 2020
Genworth Mortgage Insurance, part of Genworth Financial, has completed an excess of loss reinsurance transaction covering a portion of the loss tier on subject loans written between 2009 and 2019 book years, effective April 1, 2020. The transaction provides reinsurance coverage in excess of the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital ... Read the full article
Genworth & China Oceanwide delay merger to September
30th June 2020
Mortgage insurer Genworth Financial has announced a further delay to its planned merger agreement with China Oceanwide Holdings Group Co., Ltd., now setting the deadline at no later than September 30, 2020. Originally set for June 30, 2019, Genworth first delayed the merger to allow time to explore the sale ... Read the full article
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