Shareholders have approved a change in name at Genworth Mortgage Insurance Australia to Helia Group.

After recent separation from US-based Genworth Financial Inc (GFI), Helia was required to stop using the Genworth name. The trademark licence to use it was soon to expire.

"We are required to adopt a new name, and with it, a new brand identity,” CEO Pauline Blight-Johnston said.

“This will create a separate identity for our business and better reflect our activities and strategy. Helia, inspired by the sun, reflects who we are and how we use our expertise, experience, and understanding to show people possibilities, shine a light on solutions, and create brighter outcomes. “

Helia is the leading provider of Lenders Mortgage Insurance (LMI) in the Australian residential mortgage lending market. GFI sold its 52% stake and no longer owns any shares in the company. NYSE-listed GFI, which was preparing for a partial IPO of its US mortgage insurance business, had listed Helia in 2014.

Commercial agreements between Helia and GFI ceased, including for the trademark licence, IT and shared services.

Earlier this month, Helia said home loan delinquencies and lenders mortgage insurance (LMI) claims remained “very low” in the third quarter.

It revised its full-year net claims incurred forecast to no more than $25 million, from mid-year guidance of up to $50 million.