Genworth buys remnants of Vero LMI

Genworth Financial Mortgage Insurance will buy Vero Lenders Mortgage Insurance for about $220 million. The price represents a premium of about $25 million to the current book value of Vero LMI. Genworth is one of two dominant underwriters of mortgage insurance for home loan providers in Australia. Vero LMI was placed into run off by its then owner, Royal & Sun Alliance, in mid 2003.