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Genworth Financial Announces Addition Of Michael Derstine As Chief Risk Officer At U.S. Mortgage Insurance Unit

Stocks in this article: GNW

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.

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