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NC-based mortgage insurer laying off 160 workers

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GREENSBORO — North Carolina-based mortgage insurer United Guaranty says it is laying off 160 employees.

The Greensboro company said Tuesday the cuts are impacting less than 15 percent of United Guaranty’s total worldwide work force.

United Guaranty Corp. is a unit of troubled insurance company American International Group Inc. United Guaranty reported losses of about $2.5 billion last year. The company recently announced that it was replacing its chief executive officer.

New CEO Eric Martinez said in a statement that challenging market conditions required the company to lay off workers. He says the company continues to underwrite new loans and is ready to book solid, profitable business.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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North Carolina-based mortgage insurer United Guaranty says it is laying off 160 employees.

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