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Genworth Financial Completes Sale Of Genworth Seguros Mexico

The sale includes automobile, property and casualty, life and personal accident insurance business lines

Genworth Financial, a global provider of financial security services, has closed a transaction for the sale of Genworth Seguros Mexico to HDI-Gerling International Holding.

Initially announced in January 2009, the sale includes automobile, property and casualty, life, and personal accident insurance business lines that Genworth Seguros distributes through independent professional insurance agents. The sale is valued at approximately $45 million.

However, Genworth Financial’s operations center will also remain in Leon, according to Rivero-Andreu, country leader and president of Genworth Financial in Mexico. Both the lifestyle protection insurance and mortgage insurance businesses will be based in Mexico City.

Alejandro Rivero-Andreu said: With the conclusion of this transaction, Genworth Financial will focus on its core lifestyle protection insurance and mortgage insurance businesses in Mexico. We are fully committed to serving our distributors and customers, and we will continue to bring our global expertise to our operations in Mexico.”