Powered by MOMENTUM MEDIA
the adviser logo
Lender

Genworth renews LMI contract with NAB, appoints new CFO

by Reporter4 minute read
Appointment

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.”

Advertisement
Advertisement

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.

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]

appoint hire green ta

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

PhilipLowe mb

RBA attempts to curb runaway inflation

On Tuesday (5 July) the Reserve Bank of Australia (RBA) announced at its monetary policy meeting it will increase the...

READ MORE
flood qld suburbs ta

Home loan support offered to NSW flood victims

Widespread persistent heavy rain over large swathes of NSW over the weekend and into Monday (4 July) has caused major...

READ MORE
Dr Jane Rennie CPA

Accountants to decline ‘capacity to repay’ requests

The leaders of CPA Australia, the Institute of Public Accountants (IPA), and the Chartered Accountants Australia and...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more