Genworth to sell Europe mortgage unit at $140 million loss

October 27, 2015 by KATHERINE CHIGLINSKY

(Bloomberg) — Genworth Financial Inc. agreed to sell a European mortgage insurance operation to AmTrust Financial Services Inc. as Chief Executive Officer Tom McInerney divests assets to bolster capital amid tighter regulation on companies that back home loans in the U.S.

Genworth expects to record an after-tax loss of $140 million tied to the sale and will get net proceeds of about $55 million, the Richmond, Virginia-based insurer said Tuesday in a statement. Mortgage insurance policies cover costs when borrowers are unable to meet obligations and foreclosure fails to recover losses. Click HERE to read article 

Originally Posted at LifeHealthPro on October 27, 2015 by KATHERINE CHIGLINSKY.