Genworth Mortgage Insurance Australia has started an international search for a CEO to take over from Georgette Nicholas, who is returning to the US.

“After more than five years away from my family in the United States I have made a personal decision to return home,” she said last week.

Ms Nicholas, who also sits on the Insurance Council of Australia board, will remain until a successor starts, and will continue as an employee for a time to ensure a smooth transition.

She was previously CFO at the company, which listed in 2014. The insurer is 52% owned by US-based Genworth Financial.

“Georgette leaves Genworth in a strong position to compete and grow over the next phase of our strategic journey,” Chairman Ian MacDonald said.

Genworth first-quarter net profit grew to $47.8 million from $8.4 million a year earlier, including unrealised gains on the investment portfolio.

The underlying result increased 12.1% to $22.3 million, supported by new policies written in its traditional business as first home-buyers returned to the market.

Gross written premium decreased 50.4% to $86.3 million due to a bespoke transaction written through Genworth’s Bermuda insurance entity a year earlier.

The combined operating ratio was 89.3%, compared with 89.5% a year earlier.