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Aug. 29 (Bloomberg) -- Genworth MI Canada Inc., the country’s largest private mortgage insurer, promoted Stuart Levings to chief executive officer as Brian Hurley prepares to step down.

Levings, currently chief operating officer, will take the top job on Jan. 1, Genworth said yesterday in a statement. Hurley will assume the role of executive chairman, a newly created post.

Hurley “led the organization through a challenging period during which the company increased its focus on risk management,” Sidney Horn, lead director, said in the statement.

Hurley has been CEO of Oakville, Ontario-based Genworth for the more-than five years it has been publicly traded. The stock has rallied about 96 percent during the period, outperforming the 55 percent gain of the Standard & Poor’s/TSX Composite Index.

To contact the reporter on this story: Katia Dmitrieva in Toronto at

To contact the editors responsible for this story: David Scanlan at Dan Reichl, David Scheer

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