Genworth Financial Inc., the insurer whose stock plunged more than 80 percent since the end of 2006, named Thomas J. McInerney as chief executive officer to stanch losses from insuring mortgages in the U.S.

McInerney, 56, a former executive at ING Groep NV, replaces Michael Fraizer, who stepped down May 1, the Richmond, Virginia- based insurer said today in a statement.

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