Michael Fraizer, the chief executive officer of private insurer Genworth ($10.35 -0.15%), resigned. The board named Martin Klein acting chief executive officer and James Riepe nonexecutive chairman of the board.
Fraizer's departure is part of a management shake-up at the insurer. Klein is and remains chief financial officer at Genworth.
"After navigating through the recent financial and housing crisis, and as the company transitions to the next generation ... I believe this is the right time for me to move on to other opportunities," Fraizer said.
Also on Tuesday, the company named a new CEO, Kevin Schneider, of its newly formed global mortgage insurance division. U.S. Mortgage Insurance Chief Commercial Officer Rohit Gupta will succeed Schneider as president and CEO of U.S. Mortgage Insurance.
The company reported net income of $47 million, or 9 cents a share, including a loss of $41 million from the life block sale transaction, compared with net income of $59 million, or 12 cents a share, in the first quarter of 2011.
U.S. mortgage insurance net operating loss improved to $43 million, compared with $83 million in the prior year from a decrease in new delinquency development, modest changes in aging of existing delinquencies and effective loss mitigation programs.
"Loss mitigation savings were $158 million in the quarter, up seven percent from the prior quarter, as an increase in claims mitigation was partially offset by an overall decline in workouts with the continued wind down of the government Home Affordable Modification Program and an associated shift in modifications to non-HAMP lender workouts," the earnings report states.
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