Genworth Financial continues its presence in Mexico with Lifestyle Protection and Mortgage Insurance
MEXICO, D.F., Jan. 22 /PRNewswire-FirstCall/ -- Genworth Financial (NYSE: GNW) has signed an agreement with HDI-Gerling International Holding AG to sell Genworth Seguros Mexico, S.A. de C.V. The acquisition includes the automobile, property and casualty, life and personal accident insurance business lines that Seguros distributes through independent professional insurance agents.
"This transaction allows Genworth to focus on its core businesses in Mexico - specifically Lifestyle Protection Insurance and Mortgage Insurance," said Alejandro Rivero-Andreu, President of Genworth Financial in Mexico.
Lifestyle Protection Insurance maintains customers' monthly repayments on financial commitments such as mortgages, personal loans, and credit cards if they are unable to make payments due to involuntary unemployment, accident, sickness or hospitalization. Mortgage Insurance provides a safe and affordable option for homebuyers who want to buy a home with less than a 20 percent down payment on a mortgage loan while protecting lenders against borrower default.
Genworth is well capitalized to continue growing and maintaining an active market share in Mexico. "We will focus on the Mortgage Insurance and Lifestyle Protection Insurance businesses where we have specialized in the past and have significant global experience," said Rivero-Andreu. "We believe that under HDI-Gerling International Holding AG's management, Genworth Seguros in Mexico will remain a strong and successful business." Based in Leon, Genworth Seguros employs approximately 340 associates across Mexico.
HDI-Gerling International Holding AG has filed the initial proceedings to obtain the corresponding approvals from the Secretary of the Treasury and Public Credit, and the National Insurance and Bonding Commission. Genworth expects that closing will take place following regulatory approvals.
About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more tha
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