RICHMOND, Va., May 9, 2016 /PRNewswire/ -- Genworth Financial,
Inc. (NYSE:GNW) announced that Genworth Mortgage Insurance
Corporation (GMICO), a wholly owned indirect subsidiary of the
company, has completed the sale of its European mortgage insurance
business to AmTrust Financial Services, Inc. Net proceeds of
approximately $50 million will
provide additional capital to GMICO. This transaction represents
another action toward simplifying Genworth's businesses.
About Genworth Financial
Genworth Financial,
Inc. (NYSE: GNW) is a Fortune 500 insurance holding company
committed to helping families achieve the dream of homeownership
and address the financial challenges of aging through its
leadership positions in mortgage insurance and long term care
insurance. Headquartered in Richmond, Virginia, Genworth traces its roots
back to 1871 and became a public company in 2004. 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. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
http://www.genworth.com.au.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by words such
as "expects," "intends," "anticipates," "plans," "believes,"
"seeks," "estimates," "will," or words of similar meaning and
include, but are not limited to, statements regarding the financial
impact from the transaction to sell the Company's European mortgage
insurance business and the planned use of transaction proceeds.
Forward-looking statements are based on management's current
expectations and assumptions, which are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ
materially due to global political, economic, business,
competitive, market, regulatory and other factors and risks,
including the items identified under "Part I—Item 1A—Risk Factors"
of our Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the Securities and Exchange
Commission (SEC) on February 26,
2016.
We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/genworth-announces-completion-of-european-mortgage-insurance-business-sale-300265229.html
SOURCE Genworth Financial, Inc.