Genworth Financial expects to be able to better focus on its core businesses in Mexico—specifically lifestyle protection insurance and mortgage insurance—after signing an agreement with HDI-Gerling International Holding AG to sell Genworth Seguros Mexico, S.A. de C.V. The acquisition includes the automobile, property/casualty, life and personal accident insurance business lines that Seguros distributes through independent professional insurance agents.
"We will focus on the mortgage insurance and lifestyle protection insurance businesses where we have specialized in the past, and have significant global experience," says Alejandro Rivero-Andreu, president of Genworth Financial in Mexico. "We believe that under HDI-Gerling International Holding AG's management, Genworth Seguros in Mexico will remain a strong and successful business."
HDI-Gerling International Holding AG has filed the initial proceedings to obtain the corresponding approvals from the Secretary of the Treasury and Public Credit, and the National Insurance and Bonding Commission, according to Genworth, which expects that closing will take place following regulatory approvals.
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