From the Wires
Genworth Financial Announces Addition of Michael Derstine as Chief Risk Officer at U.S. Mortgage Insurance Unit
Well-Regarded Industry Veteran Joins Management Team
By: PR Newswire
Jan. 14, 2013 02:02 PM
RICHMOND, Va., Jan. 14, 2013 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that Michael Derstine joined the company January 3 as Chief Risk Officer (CRO) for its Genworth U.S. Mortgage Insurance (USMI) unit.
Derstine previously worked at Republic Mortgage Insurance Company (RMIC), where he held several leadership roles, most recently as capital deployment group manager. In this position, he led the underwriting risk policy, portfolio risk monitoring and pricing groups, and developed risk assessment and performance monitoring strategy focused on early detection and intervention of underwriting and performance deficiencies, and developed models to assess future default risk. Derstine previously served as pricing group manager at RMIC, where he led the mortgage valuation, actuarial analysis and quantitative modeling teams. He has been a frequent presenter before regulators and at industry conferences.
"Mike is a respected mortgage insurance industry veteran with experience in leading risk and multiple other functions, and strong relationships with regulators, government-sponsored enterprises, and rating agencies that make him a valuable addition to the USMI Risk team," said Rohit Gupta, president and chief executive officer of Genworth USMI.
Derstine earned an MBA degree from Wake Forest University and a BS degree from Messiah College.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,300 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
SOURCE Genworth Financial, Inc.
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