Why has Westpac topedoed Genworth for 90 plus LMI? Is it self insuring or changing its credit policy?
Westpac / Genworth
- Thread starter Swearengen
- Start date
As far as I know, they are not self insured and use Genworth and QBE. Anything over 80% is in LMI (Genworth territory) except for the professionals package (up to 90%).
ANZ is self insured.
spread of risk
top ups will usually still go to the historical insurer
ta
rolf
top ups will usually still go to the historical insurer
ta
rolf
Genworth shares crash as Westpac pulls deal
Investors have wiped off more than a fifth of the market value of Genworth Mortgage Insurance after one of its biggest customers, Westpac, sent shockwaves through the industry by taking its business overseas
http://www.theage.com.au/
Investors have wiped off more than a fifth of the market value of Genworth Mortgage Insurance after one of its biggest customers, Westpac, sent shockwaves through the industry by taking its business overseas
http://www.theage.com.au/
Westpac use QBE and all their sub brands (st george, rams, bom, bank sa) use Genworth. They have given the boot to both and have engaged a reinsurer based in Bermuda.
I think it's about de-risking primarily and hopefully premium prices will come down a bit. Gouging ATM!
I think it's about de-risking primarily and hopefully premium prices will come down a bit. Gouging ATM!
For profit....
They have kicked out genworth and QBE has been given similar notice to reduce their prem or get the boot... ( by the way i dont think wesptac is passing this prem "cut" to it's customers....)
According to new report...Westpac is in talks with Archc ( Bermuda) as their reinsurance.
Oh, that seems clear now. Whatever "topedoed" means. I asume now it was meant to be torpedoed.
