Genworth elects former Sen. Conrad to board

RICHMOND, Va. (AP) -- Genworth Financial Inc. has elected former Sen. Kent Conrad to serve as a new independent director, the insurance holding company said Friday.

Conrad, 65, served as a senator representing North Dakota from January 1987 to January 2013. He was chairman of the Senate Budget Committee. Before being elected to Congress, Conrad was the North Dakota tax commissioner from 1981 to 1986.

Genworth said that Kent's budgetary and public policy experience will provide invaluable insights to the company.

Conrad's election to Genworth's board of directors increases its size from nine to 10 directors.

Genworth, based in Richmond, Va., provides life insurance, mortgage insurance and wealth management services through its subsidiaries.

Shares increased 4 cents to $10.05, in line with broader market trends.