Genworth Mortgage Insurance Australia has renewed a contract with NAB and has announced that Michael Bencsik will become CFO next year.

The two-year lenders’ mortgage insurance contract with NAB, one of the group’s long-standing key customers, took effect last Wednesday.

“Our value proposition to lender customers remains strong and we continue to invest in our relationship with NAB through technology, product offerings and service that provide a better borrower experience,” CEO Georgette Nicholas said.

The contract meets Genworth’s pricing return on equity profile and risk appetite, she says.

Mr Bencsik moves to Genworth after holding the deputy CFO role at Bank of Queensland and St Andrew’s Insurance Australia. He previously held senior roles at Lloyds TSB Bank in the UK, Westpac, HSBC, Commonwealth Bank and First Abu Dhabi Bank.

“His experience and skill set will complement our existing senior leadership team as we continue to progress our strategic program of work and leverage new capabilities we have developed to redefine our core business model,” Ms Nicholas said.