Genworth chief Ellie Comerford departing

Genworth Mortgage Insurance Australia revealed that its chief executive, Ellie Comerford was leaving the company.

Genworth, which has a market valuation of $1.6 billion, announced Ms Comerford was retiring from the insurer.

She will remain in an advisory role until May 31.

The share price has been trading close to record lows, down 22% in the past year to $2.48

Genworth was only listed in May last year at a 13% premium after Australia’s biggest lenders mortgage insurer (LMI) made its public debut on the Australian Securities Exchange.

Genworth shares were priced at $2.65 in Genworth’s $496 million float.

Its prospectus reported Genworth Australia had been profitable for 46 of the past 48 years.

The company is chaired by Richard Grellman.

Genworth chief financial officer Georgette Nicholas will be acting chief executive.

GMA, through its subsidiary companies Genworth Financial Mortgage Insurance Pty Ltd and Genworth Financial Mortgage Indemnity Ltd (GMA Group), is the leading provider of Lenders Mortgage Insurance (LMI) in the Australian residential mortgage market.

The GMA Group has been part of the Australian residential mortgage lending market for 50 years since Housing Loans Insurance Corporation was founded by the Australian Government in 1965 to provide LMI in Australia.