Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract with NAB - Sequoia Direct Pty Ltd

20MayMay 20, 2020

Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract with NAB

Genworth Mortgage Insurance Australia (ASX:GMA) has lost a contract for tender with National Australia Bank to provide lenders' mortgage insurance.

The contract will not be renewed when it comes to an end in November 20, 2020.

The LMI business underwritten under this contract represented approximately 12 per cent of Gross Written Premium in FY2019.

Genworth chief executive Pauline Blight-Johnston said: “We are disappointed in the outcome given our long-standing relationship with NAB and would have welcomed the opportunity to continue the partnership.

Shares in Genworth Mortgage Insurance Australia (ASX:GMA) are trading 5.69 per cent higher at $2.14.

Copyright 2020 – Finance News Network

Source: Finance News Network

Related Posts

16OctOctober 16, 2019

Scentre Group (ASX:SCG) to say goodbye to their Chief Operating Officer

16 Oct 2019 - Scentre Group’s (ASX:SCG) Chief Operating Officer, Greg Miles, will retire in 2020 after almost 23 years with the Scentre Group and Westfield executive teams.

12SepSeptember 12, 2022

Stocks of the Hour: RareX, TechGen Metals, Anax Metals

12 Sep 2022 - A snapshot of the stocks on the move featuring RareX (ASX:REE), TechGen Metals (ASX:TG1) and Anax Metals (ASX:ANX).

22JulJuly 22, 2020

QBE Insurance Group (ASX:QBE) flags $750m loss for 1H20

22 Jul 2020 - Insurance group QBE (ASX:QBE) has flagged a $750 million net statutory loss after tax for the first half of the year (1H20) primarily due to Covid.

22JanJanuary 22, 2020

First Graphene (ASX:FGR) signs supply agreement with Steel Blue Footwear

22 Jan 2020 - Advanced materials company, First Graphene (ASX:FGR) has signed a supply agreement with Footwear Industries, trading as “Steel Blue, for the exclusive supply of PureGRAPH®10 for a twenty-four month term.

02OctOctober 2, 2020

nib Holdings (ASX:NHF) annual NPAT down 40%

02 Oct 2020 - NiB group revenue grew 3.4% to $2.5 billion.

16FebFebruary 16, 2021

Pro Medicus (ASX:PME) signs $31m contract with in the US

16 Feb 2021 - Leading health imaging company Pro Medicus (ASX:PME) today announced its wholly owned US subsidiary, Visage Imaging, Inc., has signed a 7-year contract worth $31 million.

09OctOctober 9, 2019

Phoslock Environmental Technologies (ASX:PET) place $1.3m order for Florida wetlands projects

09 Oct 2019 - Phoslock Environmental Technologies (ASX:PET) US licensee SePro Corp has today placed a significant order for Phoslock to be used in Florida projects.

03DecDecember 3, 2020

BrainChip Holdings (ASX:BRN) completes the Akida production design

03 Dec 2020 - Artificial intelligence technology company BrainChip Holdings (ASX:BRN) has completed the Akida production design.

25OctOctober 25, 2019

Atomos (ASX:AMS) set to acquire Timecode Systems

25 Oct 2019 - Atomos (ASX:AMS) has signed an agreement to acquire Timecode Systems for approximately $5.68 million in cash and approximately 9.2 million shares in Atomos.

08OctOctober 8, 2019

ANZ (ASX:ANZ) flags $559 million blow to profits

08 Oct 2019 - ANZ (ASX:ANZ) will take a $559 million hit to its second half 2019 Cash Profit as a result of increased provisions for customer related remediation.