On May 29, Genworth Financial said it plans to spin off a minority stake its Canadian mortgage insurance business in an initial public offering.

The company has said it expects to sell up to a 49 per cent stake in the business and plans to hold the majority position for the foreseeable future.

Genworth Financial Canada is a private sector supplier of mortgage default insurance in Canada.

Genworth has more than $100 billion in assets and 6,000 employees in more than 25 countries.