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Genworth expands bank deals as revenue diversifies

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Genworth Mortgage Insurance Australia says it has commercial arrangements with the top five banks following moves to broaden its product offering.

CEO Georgette Nicholas, who this month announced she is returning to the US, says the company has made significant progress diversifying its revenue to complement its traditional lenders’ mortgage insurance focus.

The company has established a Bermuda risk management entity and has launched a micro-markets lenders’ mortgage insurance offering in the below-80% loan-to-value ratio area.

“We also entered into excess-of-loss arrangements with various customers, resulting in Genworth now having commercial arrangements with all of Australia’s five largest banks,” she told the annual general meeting last week.

Genworth is also investing in its own technology and seeking innovative ways to access new distribution channels.

Ms Nicholas says the company has taken a small equity stake in online home loans platform Tic:Toc and has been appointed exclusive lenders’ mortgage insurance provider for the fintech.

“Genworth’s first lenders’ mortgage insurance policy from Tic:Toc’s platform was written this month,” she said.

The company has started an international search for its next CEO.