RICHMOND, Va., May 9, 2016 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) announced that Genworth Mortgage Insurance Corporation (GMICO), a wholly owned indirect subsidiary of the company, has completed the sale of its European mortgage insurance business to AmTrust Financial Services, Inc. Net proceeds of approximately $50 million will provide additional capital to GMICO. This transaction represents another action toward simplifying Genworth's businesses.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the financial impact from the transaction to sell the Company's European mortgage insurance business and the planned use of transaction proceeds. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including the items identified under "Part I—Item 1A—Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (SEC) on February 26, 2016.
We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genworth-announces-completion-of-european-mortgage-insurance-business-sale-300265229.html
SOURCE Genworth Financial, Inc.