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Josh Esterov

Research Analyst at CreditSights

Josh Esterov is Head of US Insurance and Senior Director at CreditSights, where he specializes in credit research for the US Life, Property & Casualty (P&C), health, and monoline insurance sectors. He covers major insurance companies and provides thought leadership on industry trends, including the impact of private equity in insurance and evolving portfolio allocation strategies. Esterov joined CreditSights in 2013 after serving in Government Relations at MetLife, liaising with federal and state regulators, and previously earned an MBA from NYU Stern and a CFA charter. His expertise and leadership have made him a key voice on insurance sector performance, risk, and innovation.

Josh Esterov's questions to GENWORTH FINANCIAL (GNW) leadership

Josh Esterov's questions to GENWORTH FINANCIAL (GNW) leadership • Q2 2025

Question

Josh Esterov of CreditSights questioned whether the receipt of the AXA litigation proceeds might prompt Genworth to recalibrate its targets for holding company liquidity or its overall level of indebtedness.

Answer

Executive VP & CFO Jerome Upton stated that while all options will be assessed, the company is already comfortable with its current holdco cash buffer and leverage, which is around 20% excluding U.S. Life. He emphasized that with strong interest coverage and a healthy balance sheet, the most likely use of proceeds will be share buybacks, given the stock's current valuation.

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