Genworth Financial is selling its 52 per cent interest in local mortgage insurer Genworth Mortgage Insurance Australia as part of a block trade executed by Goldman Sachs on Sunday.
Shares were being sold at $2.28 in the company after they last closed at $2.58, with the trade thought to be worth about $488.6m.
It equates to a 11.6 per cent discount to the last closing price.
On Sunday, at the launch of the trade, it is understood the demand for the shares from wall-crossed shareholders exceeded the offer.
The book closed on Sunday night.
Genworth Financial listed Genworth Mortgage Insurance Australia in 2014 with shares sold at $2.65 each, and is the largest mortgage insurer in the market along with QBE.
Genworth Australia is currently worth $1.1bn and although its share price has fallen recently, it has recovered from a fall around September when shares were as low as $1.33 as it suffered from the impacts of COVID-19.
The company this month posted a $107.6m full-year loss.
Genworth Mortgage Insurance Australia said the loss reflected an increase in reserving to reflect an anticipated rise in claims linked to the global pandemic.
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