trending Market Intelligence /marketintelligence/en/news-insights/trending/mcQlp2C17Xlla00F78fGRA2 content esgSubNav
In This List

Genworth-China Oceanwide deal secures all US insurance regulatory approvals

Blog

Insight Weekly: Earnings learnings; Duke Energy hits back; PE activity surges

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Gauging Supply Chain Risk In Volatile Times

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration


Genworth-China Oceanwide deal secures all US insurance regulatory approvals

China Oceanwide Holdings Group Co. Ltd.'s pending acquisition of Genworth Financial Inc. has received all required U.S. insurance regulatory approvals.

The development comes after the New York State Department of Financial Services approved the proposed acquisition of control of Genworth Life Insurance Co. of New York by entities affiliated with China Oceanwide. As part of the New York regulator's approval, Genworth Financial and China Oceanwide acknowledged some additional requirements relating to cybersecurity matters and the protection of customer personally identifiable information.

Insurance regulators in North Carolina, South Carolina, Vermont and Virginia recently reapproved China Oceanwide's proposed acquisition of Genworth Financial subsidiaries domiciled in their respective states. In 2018, Genworth and China Oceanwide pushed the deadline for their merger to close to Jan. 31 to provide additional time for regulatory review of the transaction.

The closing of the transaction remains subject to other conditions, including the receipt of other required regulatory approvals in China, Canada and by the U.S. Financial Industry Regulatory Authority.