Genworth Financial Mortgage Insurance has signed a three-year deal to supply mortgage insurance to Skipton.
Genworth is an AA rated monoline provider, and it says its mortgage insurance product could help lenders to achieve valuable capital savings following the introduction of the Capital Requirements Directive.
David Harvey, head of insurance at Skipton, says: “We operate in a dynamic marketplace and we wanted a partnership with an insurer who would support our lending plans.
“As a mutual organisation, we exist to serve the best interests of our customers and members, and Genworth’s approach to customer service is very much the same.
“They have a strong UK presence and have demonstrated a long term commitment to this market. Having confidence in our mortgage partners means that we can be confident in developing new and better products for our customers.”
Genworth Financial Mortgage Insurance is part of the Genworth Financial group of companies, which has operations in 24 countries. The group’s mortgage insurance business extends across 14 countries with its European business headquarters in London.
Tammy Richardson, managing director for Genworth’s MI business in the UK, says: ““In the future, Genworth and Skipton intend to work together to develop an MI programme which will also seek to harness capital benefits available under the CRD.
“We are delighted that Skipton is embracing the analysis we have done on the CRD and is viewing our MI product in a wider context than just risk mitigation.”