Today, Genworth announced that the company has entered into an agreement to sell our Genworth Financial Mortgage Insurance (MI Europe) business to AmTrust Financial Services, Inc.
AmTrust is a multinational property and casualty insurer listed on the NASDAQ Global Market (AFSI). AmTrust employs approximately 6,000 people around the world and has a total capitalisation of $3.4 billion and total assets of $16 billion. AmTrust has also been a reinsurer of MI Europe for the past 3 years and so know us very well.
We’ll be joining a diverse range of insurance businesses in Europe that cover multiple classes of property, casualty and specialty business with underwriting platforms in the UK (including Lloyd’s of London), Ireland, Luxembourg, Netherlands, Sweden, Germany, Italy and Spain.
With extensive underwriting experience and a prestigious "A" (Excellent) Financial rating from A. M. Best, AmTrust has built a reputation as an innovative, technology-driven insurance company, with a commitment to excellence as the common thread connecting each of their businesses.
In AmTrust’s press release regarding this announcement, AmTrust Financial Services, Inc. President and CEO, Barry Zyskind stated, “We believe Genworth Financial Mortgage Insurance represents an excellent opportunity for the diversification and expansion of AmTrust’s international insurance business.”
After the transaction closes, we will be known as AmTrust Mortgage Insurance (AMI).
As you will understand, until the completion of the transaction, both parties will continue to operate independently as non-related parties to ensure on-going compliance with competition laws. We expect to complete the sale in the first quarter of 2016 and remain committed to delivering excellent service and products to our policyholders, distribution partners and reinsurers throughout the transition.
Click here for our full press release on the announcement.