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GENWORTH BUYS REMNANTS OF VERO LMI

Genworth Financial Mortgage Insurance will buy Vero Lenders Mortgage Insurance for about $220 million before a "substantial post-closing dividend". 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 is a business placed into run off by its then owner, Royal & Sun Alliance, in mid 2003.The purchase requires regulatory approval by the Australian Competition and Consumer Commission, but should not meet any hurdles. The sale is expected to be completed in July.

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