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State regulators reapprove Genworth-China Oceanwide deal

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State regulators reapprove Genworth-China Oceanwide deal

Insurance regulators in North Carolina, South Carolina, Vermont and Virginia reapproved China Oceanwide Holdings Group Co. Ltd.'s proposed acquisition of Genworth Financial Inc. subsidiaries domiciled in their respective states.

In Virginia, the deal between China Oceanwide and Genworth Financial covers Virginia-domiciled insurance companies Genworth Life & Annuity Insurance Co. and Jamestown Life Insurance Co. The Virginia State Corporation Commission, Bureau of Insurance reapproved China Oceanwide's proposed acquisition of control of the two Genworth Financial subsidiaries.

The reapproval of the regulators came after China Oceanwide and Genworth Financial filed supplemental information reflecting changes to the transaction. In November 2018, China Oceanwide and Genworth Financial announced that they pushed the merger closing date to Jan. 31.

The closing of the deal remains subject to the receipt of other required regulatory approvals in the U.S., China and Canada.