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Genworth Mulls Sale of Canadian Mortgage Insurance Arm

Genworth Financial is considering selling its Canadian mortgage insurance business. So reports the Richmond (Va.) Times-Dispatch.

The potential move comes as the proposed acquisition of the Virginia-based insurance giant by a Chinese investment firm, China Oceanwide Holding Groups Ltd., was postponed for at least the 11th time.

Faced with no “substantive progress” in winning approval from Canadian regulators, Genworth said it had agreed to consider “strategic alternatives” for its Canadian mortgage insurance business, which generated $526 million in revenue for Genworth last year.

Read the full article from the Richmond (Va.) Times-Dispatch.

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