Genworth Financial, the fourth most active private mortgage insurance company a year ago, moved into first place in the second quarter of 2008, according to numbers compiled by Inside Mortgage Finance. Genworth has successfully capitalized on the woes of other MIs, who have watched their financial positions deteriorate as mortgage-related claims and losses have mounted.
While the MI industry as a whole watched its new business volume tumble a hefty 24 percent in the first six months on a year-over-year basis, Genworth posted a huge 42 percent gain in activity. Genworth wrote $14 billion in new primary MI in the second quarter – a level that amounted to one quarter of the total business written in the three-month period.
