Reuters: Global Markets: Genworth names Thomas McInerney CEO

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Genworth names Thomas McInerney CEO Dec 11th 2012, 15:23 Tue Dec 11, 2012 10:23am EST (Reuters) - Genworth Financial Inc (GNW.N) named Thomas McInerney chief executive as the insurer looks to move past the billions of dollars in losses from its mortgage insurance business. McInerney, who was a member of the global management board of ING Insurance from October 2009 through December 2010, is now in charge of a company trying to convince markets and bond rating agencies of the benefits of its mortgage insurance business. Shares of the company were up 5 percent at $7.10 on the New York Stock Exchange on Tuesday morning. "This is a positive, but they still have problems. McInerney has experience, but it's still wait and see," said a Genworth shareholder, who declined to be named. Bond rating firm Moody's had said a downgrade is likely unless the company can insulate itself from continuing losses from the mortgage insurance unit. Long-time CEO Michael Frazier resigned in May after the insurer pushed back plans to sell a minority stake in its Australian mortgage insurance business through an initial public offering. The Australian unit's listing would have freed up capital, which shareholders were hoping would be used for a long-awaited share buyback program. Hedge fund Highfield Capital, which owns more than 5 percent of Genworth, had in June said it expects to discuss options for the U.S. mortgage business, including a sale. (Reporting by Jochelle Mendonca in New York; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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