The Virginia-based mortgage insurer said on Monday it has agreed with Oceanwide to “consider strategic alternatives” for Genworth MI Canada due to the “absence of any substantive progress” in discussions with Canadian regulators regarding the review of the transaction announced in 2016. “MI Canada is one of our top-performing businesses,” said Genworth chief executive Tom McInerney in a statement. Genworth and Oceanwide also agreed to extend their merger agreement to Nov. 30, 2019, from the previous deadline of June 30. “However, an additional extension may be required to complete the potential disposition of MI Canada. In the meantime, we are in discussions with other regulators about the disposition of MI Canada and its impact on the overall Oceanwide transaction.” Genworth MI Canada says it is the largest private residential mortgage insurer in the country.

Source: thestar July 02, 2019 13:52 UTC