Why Genworth might be the next property boom winner
Australia’s largest insurer of mortgages has flown below the radar until this week, when US hedge fund Ares raided its register to secure a 15 per cent stake.
Most of the investors in Genworth Mortgage Insurance Australia for the past year or so have had one trait in common: patience.
As the country’s largest insurer of mortgages, the $2 billion ASX-listed company would appear to have been in the right place at the right time: a period of surging house prices, high housing turnover, a low default rate and a substantial back book struck at a time when house prices were lower.
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