Genworth Financial Gets Mexico Mortgage Insurance License

US mortgage insurance provider Genworth Financial received authorization from Mexico’s ministry of finance Wednesday to set up a mortgage insurance company. Genworth said in a statement that it expects to start writing mortgage insurance directly in the country by the second quarter of 2007, following final approval from regulators. The mortgage insurance business will be set up in Mexico City, said Alejandro Rivero, chief executive of Genworth Financial Mexico. The company already offers automobile, property and casualty, life and personal accident insurance through Genworth Seguros, based in the City of Leon. Mexico drafted and passed new legislation earlier this year to allow mortgage insurance to be sold.