Genworth Raises $564 Million, Prices Stock at $11.75 a Share

Genworth Financial Inc., the life insurer and mortgage guarantor, raised about $564 million in a stock sale, more than planned, after selling 48 million shares... The stock sold for $11.75 a share, according to a company statement issued yesterday. The Richmond, Virginia-based insurer had announced plans to raise $500 million.

Genworth is seeking to build capital after reporting five straight quarterly losses. Mortgage insurers, which pay lenders when homeowners default and when foreclosure doesn’t recoup costs, have faced pressure as defaults climb. The insurer raised C$850 million ($793 million) in June by selling a stake in a Canadian unit. The company said in December it had cut 1,000 jobs, or 14 percent of its workforce, and canceled the dividend in November...

Bloomberg: Genworth Raises $564 Million, Prices Stock at $11.75 a Share