Genworth Financial names new CEO

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Richmond-based Genworth Financial Inc., a Fortune 500 insurance holding company, has named Thomas J. McInerney as the company’s new president and CEO. McInerney will start his new position on Jan. 1.

McInerney has been an adviser with The Boston Consulting Group. Before that he held senior leadership positions at ING Groep and Aetna Financial Services.

McInerney replaces Michael Fraizer as CEO. Fraizer, who resigned in May, had led Genworth since it was spun off as a publicly traded company from GE Capital in 2004.
Martin Klein, the company’s chief financial officer, has served as interim CEO.

James S. Riepe will continue to serve as the company’s non-executive chairman of the board.

Genworth has battled to recover from the 2008-09 financial crisis, which hit its mortgage insurance business hard.

In June, Moody’s Investor Service announced that it had cut its financial strength rating of Genworth’s U.S. Life Insurance division and would review for possible downgrade its ratings on the parent company and its U.S. mortgage insurance business. Those reviews were extended in September.

Klein announced in August that board had completed a strategic review of its operations but did not reveal if the company planned to sell or spin off any of its businesses.

In a later conference call with analysts, Klein said that jettisoning the U.S. mortgage insurance business would not be good move for shareholders at that time. However, the company said it was considering selling its international protection and wealth-management businesses.

The new CEO, McInerney, was chief operating officer and a member of the Management Board for Insurance at ING, responsible for the worldwide insurance and investment management businesses, encompassing some €425 billion of assets and 35,000 employees. Prior to that, he served as CEO of ING Americas, overseeing insurance, pension, and investment management businesses in the United States, Canada, and Latin America. 

At Aetna for more than 20 years prior to ING, McInerney last served as president of Aetna Financial Services. He was responsible for Aetna’s market-leading retirement services, life insurance and annuities, and investment management businesses.

Genworth has about 6,300 employees.

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