Please note that Genworth ceased operations in New Zealand effective 31 July 2011 and ceased accepting new applications for insurance on 1 October 2011 (other than proposals in relation to top-up loans on existing Genworth insured loans).
Effective 1 October 2013, Genworth also ceased accepting top-up proposals. We will continue to service existing policies including assessing any applications for variations in relation to those policies (excluding top ups). Please refer any requests for variations to our Underwriting team for review at NZUnderwriting@genworth.com or by fax to 0800 601 703.
Genworth will continue to offer hardship assistance to borrowers for existing Genworth insured loans, where they are experiencing financial hardship due to unforeseen circumstances. Please refer any requests for hardship assistance to our Hardship team for review at email@example.com
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Genworth Financial Mortgage Insurance Pty Limited holds the following financial strength ratings:
· Standard & Poor’s “A+“
· Fitch “A+“
· Moody's “A3“
Important information on the rating (including the rating scale) can be found here
Under NZ legislation, Genworth Financial Mortgage Insurance Pty Limited (Genworth) is required to maintain a solvency margin which pursuant to an exemption granted by the RBNZ is calculated in accordance with Australian solvency requirements.
Genworth’s solvency disclosures as at 31 December 2015, and as lodged with the RBNZ in its full year financial statements, are detailed below:
Actual capital base: AU$2,371 million ($NZ 2,529 million)
Prescribed capital amount: AU$1,627 million ($NZ 1,736 million)
Capital in excess of prescribed capital: AU$744 million ($NZ 793 million)
Prescribed capital amount coverage: 146%
*$NZ amounts have been calculated using the Reserve Bank of Australia’s exchange rate as at 31 December 2015.
Please note: An overseas policyholder preference applies. Under Australian law, if Genworth Financial Mortgage Insurance Pty Limited (Genworth) is wound up, its assets in Australia must be applied to its liabilities in Australia before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Genworth's assets in Australia to satisfy New Zealand liabilities.×