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Genworth renews LMI contract with NAB, appoints new CFO

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Reporter 1 minute read

The mortgage insurer has announced that it has renewed its lenders mortgage insurance contract with NAB’s third-party network.

Genworth Mortgage Insurance Australia Limited has announced that it has renewed its Supply and Service Contract with National Australia Bank (NAB) for the provision of lenders mortgage insurance (LMI) for NAB’s broker business for a term of two years, effective immediately.

Commenting on the announcement, Genworth CEO and managing director Georgette Nicholas said: “We look forward to continuing our long-standing partnership with NAB under this new contract, the terms of which meet our pricing [return on equity] profile and risk appetite.

“Our value proposition to lender customers remains strong and we continue to invest in our relationship with NAB through technology, product offerings and service that provide a better borrower experience.”

Genworth appoints new CFO

The mortgage insurance provider has also announced the appointment of Michael Bencsik to the role of chief financial officer (CFO), effective early 2019.

Mr Bencsik holds over 25 years’ experience in banking and financial services across Australia, New Zealand, United Kingdom, Europe, the Middle East and the Asia Pacific.

He most recently served as deputy CFO of Bank of Queensland and St Andrew’s Insurance Australia.

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Mr Bencsik started his career as a senior accountant at Coopers & Lybrand (now PwC), before moving on to senior finance and strategy roles across several financial service institutions including Lloyds TSB Bank (UK), Westpac Banking Corporation, HSBC Bank Australia, Commonwealth Bank of Australia, and First Abu Dhabi Bank (UAE).

Reflecting on the appointment, Ms Nicholas said: “Michael brings a strong track record of financial and strategic experience across both the banking and insurance sectors.

“His experience and skill set will complement our existing senior leadership team as we continue to progress our strategic program of work and leverage new capabilities we have developed to redefine our core business model.”

[Related: Board change for mortgage insurer]

Genworth renews LMI contract with NAB, appoints new CFO
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