Genworth Mortgage Insurance Australia shareholders have voted in favour of a proposal to change the company’s name to Helia Group Ltd.

The name change signals the completion of the separation of the local lenders mortgage insurance business from its former parent, US insurer Genworth Financial.

In March last year, Genworth Financial sold its 53 per cent shareholding in Genworth Mortgage Insurance Australia. Institutional investors bought 214 million shares at A$2.28 a share. 

GMIA was independently capitalised at the time and the sale had no balance sheet impact.

The parties had a number of commercial agreements for a transition period, including IT and other shared services and a trademark licensing agreement.

Speaking at the shareholder meeting yesterday, GMIA chief executive Pauline Blight-Johnston said these agreements would expire “shortly”.

Blight-Johnston said: “Helia, inspired by the sun, reflects who we are and how we use our expertise, experience and understanding to show people possibilities, shine a light on solutions and create better outcomes.”

In its most recent financial report, for the six months to June, GMIA’s gross written premium was down 34.9 per cent from $289.7 million in the June half last year to $188.6 million in the latest half. The fall reflected the slowdown in mortgage market activity, particularly lending at high loan-to-valuation ratios.

Offsetting this was a strong claims result. There were 207 claims paid during the half worth $12 million. This compares with 325 claims worth $24.3 million in the same period last year and 691 claims worth $65.6 million in the June half 2020.