Richmond, VA (Sept. 2, 2005) –Genworth Financial today announced that it will extend grace periods for life and long-term care premium payments and take other measures to assist customers and distributors in portions of Louisiana, Mississippi and Alabama that have been declared disaster areas by the Federal Emergency Management Agency (FEMA) as a result of devastation left by Hurricane Katrina.
Genworth will extend grace periods, limit policy cancellations and non-renewals, and provide additional time for new business delivery requirements for life and long-term care insurance premiums. Genworth will also institute special handling arrangements for the payment of life and long-term care claims to ensure timely delivery in affected areas.
For customers using Genworth's mortgage insurance products, the company is working with lenders and investors to coordinate relief that may take the form of reduction or suspension of mortgage payments or creation of longer payment schedules.
Additionally, Genworth will make an immediate contribution of $150,000 to the American Red Cross, and will provide matching contributions to employees who donate to the Red Cross, under existing matching gift programs.
“Our hearts go out to the millions of people affected by this devastation, which by all accounts will take years for recovery,” said Michael D. Fraizer, chairman, president and chief executive officer of Genworth Financial. “We want to do everything we can as a company to help with relief efforts and provide ways for our associates to assist, as well.”
According to Fraizer, Genworth Financial will continue to work with legislators, regulators and industry groups to identify and implement additional assistance programs in the coming days and weeks.
About Genworth Financial
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Genworth Financial (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 24 countries, including the U.S., Canada, Australia, the United Kingdom and more than a dozen other European countries. For more information, visit www.genworth.com.