Genworth won't get fat on banks' scraps

Genworth Australia is the country's leading mortgage insurer, but it has to make do with leftovers from the big banks.

When things start getting hairy for the big banks, when there are risks they just don’t want to take onto their own books, whom do you suppose they call? A major global bank? A US insurance giant? You might be surprised to hear that following its float this month, it’ll likely be a small local insurer with shareholders’ equity of $2.2bn and a market capitalisation of about $1.6bn.


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