Genworth files for mortgage insurance biz IPO
Genworth Mortgage Holdings Inc. subsidiary may go public by mid-summer
Henrico County-based Fortune 500 insurer Genworth Financial Inc. filed paperwork with the U.S. Securities and Exchange Commission Monday for a proposed initial public offering of the company’s mortgage insurance business.
J.P. Morgan and Goldman Sachs & Co. LLC will serve as joint book-running managers for the proposed offering of Genworth Mortgage Holdings Inc. (GMHI), a wholly owned Genworth subsidiary, according to a company statement.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said.
During a special shareholders meeting in early January, Genworth President and CEO Tom McInerney said that the company was planning the IPO for GMHI during the first half of 2021.
The initial public offering comes as Genworth earlier this month formally terminated its long-delayed $2.7 billion acquisition by China-based Oceanwide Holdings Group Co. Ltd.