Genworth Unit To Sell European Mortgage Insurance Business To AmTrust

(RTTNews) - Genworth Financial, Inc. (GNW) announced that Genworth Mortgage Insurance Corporation (GMICO), a wholly-owned indirect subsidiary, has entered into an agreement to sell its European mortgage insurance business to AmTrust Financial Services, Inc. that is expected to result in net proceeds of approximately $55 million.

The company expects to record an after-tax GAAP loss of approximately $140 million related to the sale in the fourth quarter of 2015.

AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries.