Brookfield acquires majority interest in Genworth CanadaBy The IJ Staff | December 13 2019 02:11PM
Brookfield Business Partners and Genworth Financial Inc. announced this week that Brookfield has acquired all common shares of Genworth MI Canada Inc. owned by Genworth Financial and its subsidiaries. The transaction gives Brookfield approximately a 57 per cent interest in Genworth Canada.
Genworth MI Canada, through its subsidiary, Genworth Financial Mortgage Insurance Company of Canada, provides mortgage default insurance to Canadian residential mortgage lenders.
The companies received regulatory approval under the Insurance Companies Act earlier this week and announced the completion of the transaction Dec. 12. In connection with the transaction, Brian Hurley, Rohit Gupta, Rajinder Singh and Jerome Upton resigned as directors of the company, said the company in a statement. The board of directors thanked “Messrs. Hurley, Gupta, Singh and Upton for their years of dedicated service to the company.”
In addition, the company announced the appointments of Spencer Enright, Paul Forestell, Alan Norris and David Nowak to board of directors.
The share purchase agreement was first announced by the companies in August 2019. At the time, Stuart Levings, president and CEO of Genworth Canada said “we are proud of our track record as Canada’s leading private sector mortgage insurer, with a history of delivering value to shareholders. This transaction marks another significant milestone for the company. We would like to thank Genworth Financial for their support over the years and look forward to our new relationship with Brookfield Business Partners.”