Genworth Mortgage Holdings, a private mortgage insurance company being spun out of Genworth Financial, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Genworth Mortgage states that it is a leading private mortgage insurance (PMI) company in the US, operating in all 50 states and the District of Columbia. The company's market share was approximately 17% in 2020, and it generated nearly $100 billion in new insurance written during the year.
The Raleigh, NC-based company was founded in 1981 and booked $1.1 billion in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: GMH.RC). Genworth Mortgage Holdings filed confidentially on September 15, 2020. J.P. Morgan, Goldman Sachs, BofA Securities, and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
