TORONTO, Dec. 12, 2019 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) acknowledges closing of the previously announced sale of Genworth Financial, Inc.'s majority interest in the Company to Brookfield Business Partners L.P., together with its institutional partners (the "Transaction").
In connection with the Transaction, Brian Hurley, Rohit Gupta, Rajinder Singh and Jerome Upton resigned as Directors of the Company and the Company is pleased to announce that Spencer Enright, Paul Forestell, Alan Norris and David Nowak have been appointed to the Board of Directors of the Company. The Board of Directors wishes to thank Messrs. Hurley, Gupta, Singh and Upton for their years of dedicated service to the Company.
In connection with the closing of the Transaction, the Company has terminated the automatic purchase plan (the "APP Agreement") and related automatic disposition plan (the "ADP Agreement") entered into in connection with the Company's current normal course issuer bid (the "NCIB"). The agreements facilitated the implementation of the NCIB, including purchases of common shares from Genworth Financial, Inc. thereunder. At the time the APP Agreement and the ADP Agreement were terminated, the Company was not aware of any material fact or material change with respect to the Company or any of its securities that had not been generally disclosed.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at September 30, 2019, the Company had $7.1 billion total assets and $4.0 billion total shareholders' equity. Find out more at www.genworth.ca.
SOURCE Genworth MI Canada