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Canadian regulators concerned over data protection after Genworth MI deal

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Canadian regulators concerned over data protection after Genworth MI deal

Canadian regulators are paying particular attention to the continued protection of customer data following the completion of Genworth Financial Inc.'s pending sale of a majority interest in Genworth MI Canada Inc. to Brookfield Business Partners LP, Genworth Financial said Oct. 22.

The focus on national security matters with respect to the Genworth MI deal is similar to that given to Genworth Financial's pending acquisition by China Oceanwide Holdings Group Co. Ltd. and includes data protection and the shielding of the customers' information. Subsequent to the closing of the deal, Genworth Financial will provide certain transition services to Genworth MI prior to the latter's transition away from the former's IT platforms.

Genworth Financial said it and Brookfield continue to work to assure Canadian regulators that customers' information will be appropriately protected.

The Genworth MI transaction, which has already received all other required approvals, is targeted to close by the end of 2019. The deadline for the Genworth Financial-China Oceanwide deal to close was previously extended to Dec. 31.