"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:
* 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 Carolina; * Genworth Financial Services, Inc. will replace GE Mortgage Contract Services, Inc.; * 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. The name changes are subject to final regulatory approval.
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.
SOURCE: Genworth Financial, Inc.
CONTACT: Terry Souers of Genworth Financial, Inc., +1-919-846-4459, or
Web site: http://www.genworth.com/