Brookfield to acquire 57% a stake in Genworth Canada from Genworth for $1.81bn.

Brookfield, which operates as a business service and industrial company, agreed to acquire 57% a stake in Genworth Canada from Genworth for $1.81bn. Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada, providing mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. “Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry. We look forward to partnering with management to support its ongoing success, drawing on our expertise in insurance and residential real estate.” David Nowak, Managing Partner, Brookfield Business Partners.