Genworth to sell European mortgage unit to AmTrust for $55 million
November 4, 2015 by IFAwebnews Staff
Richmond, Va.-based Genworth Financial Inc. announced that its mortgage insurance subsidiary has agreed to sell its European business to AmTrust Financial Services Inc for $55 million.
Genworth Mortgage Insurance Corp. will use proceeds of the sale to provide additional capital credit to GMICO under the private mortgage insurer eligibility requirements.
Genworth expects to record an after-tax loss of $140 million related to the sale in the fourth quarter of 2015.
The transaction is expected to close in the first quarter of 2016 and is subject to customary conditions and regulatory approvals.
Genworth Financial is a Fortune 500 insurance holding company that provides mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities.
