Genworth Financial has appointed Michael Derstine as the new chief risk officer (CRO) for its US Mortgage Insurance (USMI) unit, effective from 03 January 2013.
Derstine joins Genworth from Republic Mortgage Insurance Company (RMIC), where he held multiple leadership positions, and most recently as capital deployment group manager.
As capital deployment group manager, Derstine led the underwriting risk policy, portfolio risk monitoring and pricing groups, and also developed risk assessment and performance monitoring strategy, and models for future default risk assessment.
Genworth USMI president and chief executive officer Rohit Gupta said, "Mike is a respected mortgage insurance industry veteran with experience in leading risk and multiple other functions, and strong relationships with regulators, government-sponsored enterprises, and rating agencies that make him a valuable addition to the USMI Risk team."
Derstine also served as RMIC's pricing group manager leading the mortgage valuation, actuarial analysis and quantitative modelling teams.
The company is a provider of life insurance, long-term care insurance, financial protection coverages, independent advisor-based wealth management and mortgage insurance.