Change Becomes Effective November 1, 2005
RICHMOND, Va., Oct 31, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Genworth Financial
(NYSE: GNW) announced today it will rename seven of its mortgage insurance and
mortgage contract services companies, to incorporate the Genworth name and
build on Genworth's brand recognition efforts since the company went public in
"One of our top priorities is to build a strong Genworth name and brand
among customers and distributors across all our businesses," said Michael D.
Fraizer, chairman and chief executive officer. "We are pleased to announce
the renaming of our companies in the mortgage insurance arena to incorporate
the 'Genworth' name, as the first phase in re-branding many of our key
operating companies over the next year or so."
Companies that will be renamed as of November 1 to incorporate the
Genworth identity, and the names that will be replaced, are as follows:
The name changes are subject to final regulatory approval.
- Genworth Mortgage Holdings, LLC will replace GE Mortgage Holdings, LLC;
- Genworth Mortgage Insurance Corporation will replace General Electric
Mortgage Insurance Corporation;
- Genworth Residential Mortgage Insurance Corporation of North Carolina
will replace GE Residential Mortgage Insurance Corporation of North
- Genworth Financial Services, Inc. will replace GE Mortgage Contract
- Genworth Mortgage Insurance Corporation of North Carolina will replace
General Electric Mortgage Insurance Corporation of North Carolina;
- Genworth Home Equity Insurance Corporation will replace General Electric
Home Equity Insurance Corporation of North Carolina; and
- Genworth Mortgage Reinsurance Corporation will replace GE Mortgage
Reinsurance Corporation of North Carolina.
Genworth Financial launched an extensive brand campaign at the time of the
initial public offering of its shares by former parent, The General Electric
Company (GE), including broad-based print and television advertising programs,
trade events and other promotional activities. GE further divested additional
shares in two subsequent public stock offerings in 2005, and currently holds
27 percent of Genworth common shares. GE has stated its intent to divest all
of its Genworth holdings within the next 18 months.
"We appreciate our heritage and we are building on the disciplines, skills
and values we brought with us from GE to launch a world-class brand of our
own," said Fraizer. "On a stand-alone basis, Genworth Financial ranks among
the nation's largest insurance holding companies, with operations in 24
countries, more than 15 million customers and leading market positions in
protection, retirement income and mortgage insurance."
Master policyholders will be notified of the name changes by letter
beginning in November 2005. Terms and conditions of policies and contracts,
as well as administrative and billing procedures currently in place, are
unaffected. Policyholders with questions may call the toll-free service
number located on current policy forms, or the Genworth Mortgage Insurance
Action Center at 1-800-444-5664.
About Genworth Financial
Genworth Financial, Inc. (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 U.K. and more than
a dozen other European countries. For more information, visit
SOURCE Genworth Financial, Inc.
Terry Souers of Genworth Financial, Inc., +1-919-846-4459, or