Mortgage insurer Amerin Corp. is losing one of its founders, chief financial officer George G. Freudenstein, who is joining a venture that hopes to pioneer mortgage insurance in Israel.

Mr. Freudenstein, 43, was at Amerin five years, working closely with chairman Gerald L. Friedman.

"When George joined Amerin, it was with the clear understanding that he and his family would return to Israel," Mr. Friedman said. "Therefore, his departure at the end of this month is not surprising and has been carefully anticipated."

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