Genworth Wins Approval to Distance Mortgage-Insurance Business

Genworth Financial Inc., the mortgage guarantor and life insurer, said it won approval for a plan to distance its unit that backs home loans from the rest of the company.

The insurer still has the option to implement a “NewCo” type structure for its mortage-guarantee business and continue writing new policies in all 50 U.S. states, the Richmond, Virginia-based company said today in a statement distributed by PRNewswire.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.net

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