Genworth loses NAB insurance contract

Mortgage insurance provider Genworth will lose a National Australia Bank contract worth about 12 per cent of gross written premium.

NAB is negotiating its next lenders mortgage insurance contract with the market and has told Genworth the current one, which expires on November 20, will not be renewed.

Genworth chief executive Pauline Blight-Johnston said the company was disappointed given its long relationship with the bank.

The company in January renewed the contract with its largest customer, Commonwealth Bank, for three years.

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