Mr Cormack brings to his new role over 16 years’ experience in senior positions across Genworth Financial's LMI business in Europe.
He most recently held the position of CRO for that business, where he was responsible for the enterprise risk management framework, portfolio reporting and analytics, reserving, pricing, loss forecasting and capital modelling.
Genworth Australia CEO Ellie Comerford said she is delighted to welcome Mr Cormack to the team.
“We are pleased to have Andrew join us as CRO given his extensive experience with mortgage insurance and his diverse background in various senior leadership roles,” she said.
“Andrew joins us at a time when continued vigilance on risk management is top of mind for us and for our lender customers.”
Mr Cormack will begin his new role on 1 October 2015.
In light of Mr Cormack’s appointment, Conor O’Dowd will assume the role of chief actuary for Genworth Australia.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.