Genworth's Mortgage Insurance Business Promotes Three

Genworth Financial Inc. said its U.S. mortgage insurance business has promoted three executives into three new senior leadership positions.

Reporting to Kevin Schneider, president of U.S. Mortgage Insurance, will be: Jacqui Peace, senior vice president and chief operations officer; Rohit Gupta, senior vice president and chief commercial officer; and Jim Bennison, senior vice president, strategy and capital markets.

Peace was previously senior vice president, portfolio management and default services for Genworth's U.S. mortgage insurance business. As COO, she will have responsibility for the company's portfolio management and default services, underwriting and information technology functions.

Gupta, as chief commercial officer, will be responsible for sales, marketing and products. This alignment will position Genworth to take advantage of opportunities created by the recovery of the mortgage market, driving increased sales and providing more safe, sound mortgage opportunities for low down payment and first-time buyers. Most recently, he was senior vice president of products and strategy.

Bennison, senior vice president of strategy and capital markets, will be responsible for capital markets, strategy, business intelligence and government-sponsored enterprise (Fannie Mae and Freddie Mac) relations. Prior to his recent position, he was senior vice president of capital markets.

Genworth Life Insurance Co., a member of Genworth Financial Group, currently has a Best's Financial Strength Rating of A (Excellent).

Genworth Financial Inc. (NYSE: GNW ) operates through three segments: retirement and protection, U.S. mortgage insurance and international.

With a 50.5% drop to $1.9 billion at June 30, 2009, Genworth Financial saw the greatest decline in net premiums written among the top 25 U.S. life/health writers since last year's second quarter, an A.M. Best Statistical Study shows. Net premiums written for the top 25 declined to $180.2 billion at June 30, a 13.4% drop from the same period a year ago (BestWire, Sept. 21, 2009).

The company's stock was trading at $13.49 on the morning of Sept. 22, up 1.97% from the previous close.