Promina Group is selling its NZ-based lenders mortgage insurance business to Genworth Financial Mortgage Insurance for $220 million.

The company has been in run-off since April 2003 after Promina decided not to include the company in its initial public offering.

CEO Michael Wilkins says Vero Lenders Mortgage Insurance has been a profitable business, “but it is in the best interests of that business to be run by an active sector participant”.