Genworth to cut risk-to-capital ratio with new plan

Wed Jan 16, 2013 6:36am EST

Jan 16 (Reuters) - Genworth Financial Inc on Wednesday said it outlined a new mortgage insurance capital plan aimed at cutting the risk-to-capital ratio of its main mortgage insurance unit, Genworth Mortgage Insurance Co (GMICO), by 12 to 15 points.

As part of the new plan, Genworth will transfer ownership of its European mortgage insurance unit to GMICO, providing about $200 million in additional capital.

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