UK security company Genworth Financial has signed an agreement with financial services provider GMAC, whereby Genworth will provide payment protection insurance to GMAC's customers in 15 European markets.
<p>Under the terms of the deal, Genworth will provide specialist payment protection insurance (PPI) underwriting and administration services to GMAC customers. Furthermore, Genworth will also provide guaranteed asset protection products in selected markets. <br /><br />The service will be launched to the UK market first, while the rest of the markets will see launch dates staggered across 2007. Genworth will act as an insurer or reinsurer for GMAC depending on the territory. <br /><br />As part of the partnership, both companies will collaborate to work on innovation and improvements to the suite of products. <br /><br />Cited in Post Online, Martin Crannis, managing director of GMAC's Swedish Life insurer stated: Genworth has a wide network of European branches with locally based operations teams. This was an important factor in our decision, as was their strong discipline in risk management and their highly-flexible approach to meeting our objectives.</p>