admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; In the interim, Genworth is focusing on executing its contingency plan, including a potential partial IPO of Genworth's U.S. Mortgage Insurance (U.S. MI) business, designed to meet its near-term liabilities of approximately $1.0 billion of debt due in 2021. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. Industry groups could benefit from their efforts to build bipartisan coalitions. As the needs of your clients and prospects change, make sure your technology can keep up. Genworth Financial (GNW) - Get Report shares dropped on Monday after the deadline on the insurer's long-planned merger with China Oceanwide Holdings … A publicly traded China Oceanwide real estate development affiliate based in Hong Kong has said, in English-language filings, that the COVID-19 has caused problems for many of its office buildings, shopping centers and construction projects. “Securing these last few remaining regulatory approvals and finalizing our financing are important milestones in our efforts to close our transaction and fulfill our vision of bringing long term care insurance to China,” said Lu. Given the most recent update, we do not believe a closing can occur in the near term. Genworth. … Oceanwide has shared that it will continue to work towards closing the transaction, and Genworth remains open to completing the transaction if Oceanwide completes the remaining steps. With NDRC's re-approval, Oceanwide will now move forward with the … In the effort to expand overseas, China Oceanwide has acquired U.S. insurer Genworth Financial Inc. and International Data Group Inc., while investing in several commercial real estate projects in major U.S. cities, including Los Angeles, San Francisco, New York, and Hawaii. The companies said today that China’s National Development and Reform Commission has now extended acceptance of China Oceanwide’s Genworth acquisition filing. Advance your career and take your firm's production to the next level with FREE practice-management tips. Genworth and China Oceanwide said in a cautionary note accompanying the announcement that have made forward-looking statements about a number of matters, including ”Oceanwide’s funding plans.”. The best way to deliver quality service is by understanding what clients want from your interactions. The China Oceanwide-Genworth deal agreement calls for Genworth to provide $175 million in cash for Genworth’s life insurance subsidiaries after the deal with China Oceanwide is completed. In addition, Genworth settled its litigation with AXA in July 2020. RICHMOND, Va. and BEIJING, Oct. 23, 2016 /PRNewswire/ -- China Oceanwide Holdings Group Co., Ltd. (" China Oceanwide") and Genworth Financial, Inc. (NYSE: GNW) ("Genworth") today announced that they have entered into a definitive agreement under which China Oceanwide has agreed to acquire all of the outstanding shares of Genworth for a total transaction value of approximately $2.7 … An IPO of U.S. MI will be subject to market conditions as well as the satisfaction of various conditions and approvals. It is headquartered in Richmond, Virginia. Copyright © 2021 ALM Media Properties, LLC. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. … However, Oceanwide has not reached a final agreement on all terms and conditions due to pandemic … Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today said they will shift to using a merger agreement without an end date. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Genworth's consolidated financial condition, results of operations, credit rating or liquidity. China Oceanwide has been trying to acquire Genworth since October 2016. Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd. and Minsheng Holdings Co. Ltd.; the Hong Kong-listed China Oceanwide Holdings Limited and China Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, Minsheng Securities, Minsheng Trust, and Asia Pacific Property & Casualty Insurance. RICHMOND, Va., Aug. 31, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of … This communication includes certain statements that may constitute "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The 13th waiver and agreement extends the previous deadline of December 31, 2019 to no later than March 31, 2020. All Rights Reserved. Genworth said Nov. 2 that it believed China Oceanwide had made significant progress in obtaining funding from Hony Capital, a private equity affiliate of Legend Holdings, which is a  big Chinese investment company. RICHMOND, Va., Jan. 4, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on their pending transaction. ", LU Zhiqiang, chairman of Oceanwide, added: "We believe the value of the transaction is significant for both parties' stakeholders, and are continuing to work towards completing the transaction with Genworth.". Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Genworth And Oceanwide Provide Transaction Update; Genworth To Focus on Contingency Plan, For further information: Investors: investorinfo@genworth.com, Media: Julie Westermann, 804 937.9273, julie.westermann@genworth.com. News of the acquisition comes only two days after Mercer said it bought Kays Financial Advisory Corp. Further, forward-looking statements should not be relied upon as representing Genworth's views as of any subsequent date, and Genworth does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Text China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth Financial Inc., one of the world’s longest deal engagements, is petering out. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. GNW -28.84%. ", Tom McInerney, Genworth president and CEO, continued: "While we are disappointed that we could not close the transaction by the end of 2020, the parties retain the ability to ultimately complete the transaction if Oceanwide can secure the required funding and the parties can complete the remaining steps to closing, and if the transaction is still in the best interests of Genworth at that time. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). Life Insurance Claim Form Instructional Video. Propelling the Advisor-Client Journey with a Robust Client Portal. A separate news release with conference call details will be forthcoming, at which time the information for the call will be available on the company's website, http://investor.genworth.com. Assurance Corporation. These steps build on the progress Genworth has already made as part of its contingency plan, including the sale of its Canadian mortgage insurance business for approximately $1.8 billion in December 2019 and the completion of a $750 million debt offering at the U.S. MI holding company level in August 2020. “Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that Oceanwide will be unable to complete funding,” according to the cautionary note. Approximately $340 million of this cash balance is ring-fenced to pay for Genworth's February 2021 senior notes at maturity. This news release is not an offer to sell, or a solicitation of an offer to buy, any securities. James Riepe, non-executive chairman of the Genworth Board, said: "When we considered our most recent extensions of the merger agreement, Genworth's Board of Directors believed we were on a path to a near-term closing based on the information we were provided. Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. (RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. China Oceanwide, whose global holdings include real estate investments in New York, California and Hawaii, agreed to buy Genworth for $5.43 a … Driving Growth Through Multigenerational Relationships. Genworth Financial, Inc. has had recent success in its U.S. mortgage insurance business. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced that their transaction has received confirmation of the extension of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. Actual outcomes and results may differ materially from those in the forward-looking statements and factors that may cause such a difference include, but are not limited to, risks and uncertainties related to: (i) the risk that Oceanwide and/or Genworth determines to terminate the merger agreement or that Oceanwide will be unable to complete funding and that the transaction with Oceanwide may not be completed in a timely manner or at all, any of which may adversely affect Genworth's business and the price of Genworth's common stock, and the risk that Genworth will be unable to address its near-term liabilities and financial obligations, including the risks that it will be unable to raise additional debt financing and/or sell a percentage of its ownership interest in its U.S. mortgage insurance business to repay the promissory note to AXA S.A. or refinance its debt maturing in 2021 or beyond; (ii) the parties' inability to obtain regulatory approvals, clearances or extensions, or the possibility that such regulatory approvals or clearances may further delay the transaction with Oceanwide, to the extent the transaction is pursued or that materially burdensome or adverse regulatory conditions may be imposed or undesirable measures may be required in connection with any such regulatory approvals, clearances or extensions (including those conditions or measures that either or both of the parties may be unwilling to accept or undertake, as applicable) or that with continuing delays, circumstances may arise that make one or both parties unwilling to proceed with the transaction with Oceanwide or unable to comply with the conditions to existing regulatory approvals or one or both of the parties may be unwilling to accept any new condition under a regulatory approval; (iii) the risk that the parties will not be able to obtain other regulatory approvals, approvals, clearances or extensions, including in connection with a potential alternative funding structure or the current geo-political environment, or that one or more regulators may rescind or fail to extend existing approvals, or that the revocation by one regulator of approvals will lead to the revocation of approvals by other regulators; (iv) the parties' inability to obtain any necessary regulatory approvals, clearances or extensions for the post-closing capital plan, and/or the risk that a condition to the closing of the transaction with Oceanwide may not be satisfied or that a condition to closing that is currently satisfied may not remain satisfied due to the delay in closing the transaction with Oceanwide or that the parties are unable to agree upon a closing date following receipt of all regulatory approvals and clearances; (v) potential legal proceedings that may be instituted against Genworth related to the transactions with Oceanwide; (vi) the risk that the proposed transaction or its termination disrupts Genworth's current plans and operations as a result of the announcement and consummation of the transaction; (vii) potential adverse reactions or changes to Genworth's business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction or as a result of the termination of the transaction, including but not limited to such changes that could affect Genworth's financial performance; (viii) certain restrictions during the pendency of the transaction that may impact Genworth's ability to pursue certain business opportunities or strategic transactions; (ix) continued availability of capital and financing to Genworth before the consummation of the transaction; (x) further rating agency actions and downgrades in Genworth's financial strength ratings; (xi) changes in applicable laws or regulations; (xii) Genworth's ability to recognize the anticipated benefits of the transaction; (xiii) the amount of the costs, fees, expenses and other charges related to the transaction or the potential inability to significantly reduce costs in connection with any proposed resource alignment; (xiv) the risks related to diverting management's attention from Genworth's ongoing business operations; (xv) the impact of changes in interest rates and political instability; and (xvi) other risks and uncertainties described in the Definitive Proxy Statement, filed with the SEC on January 25, 2017, and Genworth's Annual Report on Form 10-K, filed with the SEC on February 27, 2020. The carrier has also agreed to assume about $5 billion in Change Healthcare debt. Genworth Financial (NYSE:GNW) on Tuesday announced another extension to its proposed deal to be acquired by China Oceanwide Holdings, the … With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required to close the … Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current … About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Cautionary Note Regarding Forward-Looking Statements. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current December 31, 2020 "end date" under the merger agreement. The contingency plan also addresses the need to further align the Company's expense structure with its business activities. RICHMOND, Va. and BEIJING, Nov. 30, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced that their transaction has received confirmation of the extension of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Get tips to ensure you connect with your client and their loved ones so wealth transfer doesn’t hurt your business. Working group members say states should put any vaccines they have "in arms now.". Why Ark CEO Cathie Wood Is Trouncing Rivals, Roth IRA Conversions: What Advisors Need to Know, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’. © 2021 Genworth Financial, Inc. All rights reserved. Genworth Financial is a Fortune 500 insurance holding company that offers mortgage insurance and long term care insurance. Our financial products are offered/underwritten by one or more of the following: For more information, visit genworth.com. Enrollment information is found under the "Investors" section of genworth.com. Henrico County-based Genworth Financial Inc. announced Thursday that China-based Oceanwide Holdings Group Co. Ltd. has reached an agreement with Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. Approval from China’s State Administration of Foreign Exchange for China Oceanwide to convert Chinese currency into dollars and transfer the cash. This information can be found at  http://www.genworth.com.au. Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance The agreement also calls for China Oceanwide to make a $1.5 billion contribution to Genworth’s U.S. operations in three “tranches,” or slices, after the deal closes. Genworth Financial, Inc. GNW and China Oceanwide Holdings Group Co. Ltd (Oceanwide) have once again delayed their merger to no later than Mar … Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. The life subsidiaries are the companies that wrote the LTCI business. Genworth, a Richmond, Virginia-based insurer that has been a major issuer of life insurance and annuities, helped create the U.S. long-term care insurance (LTCI) market, and it continues to be a major mortgage insurance provider. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. On October 1, 2020, Genworth and China Oceanwide Holdings Group Co., Ltd (Oceanwide) announced they agreed to extend the merger agreement deadline to not later than November 30, 2020 to provide Oceanwide with additional time to finalize the funding plan for the […] RICHMOND, Va. and BEIJING, Oct. 1, 2020 / PRNewswire / -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth, and that Oceanwide … Financial Inc., one of the world’s longest deal engagements, is really fizzling out. Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. Businesses controlled by Oceanwide have more than 10,000 employees globally. About Genworth FinancialGenworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Exclusive discounts on ALM and ThinkAdvisor events. Genworth will host an investor call before the market opens on January 5, 2021 to review today's announcement and address shareholder questions. This information can be found at http://www.genworth.com.au. Oceanwide has indicated that the factors contributing to the delay since the parties agreed to their most recent extension of the merger agreement on November 30, 2020 were: (a) the finalization of the Hony Capital financing terms; and (b) the COVID-19 pandemic and associated restrictions. At the same time, we are moving forward with our contingency plan to meet our near-term obligations and maximize long-term value, which we believe is the best approach for our shareholders. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. Life Insurance Company of New York (only Genworth Life Insurance Company of New York is Your article was successfully shared with the contacts you provided. On Monday, Genworth said it had decided not to extend its merger agreement with Beijing-based China Oceanwide Holdings Group Ltd., the investment company that agreed in … Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. Genworth and China Oceanwide did not mention Hony Capital or other financial services companies in the announcement they put out today. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the potential termination, extension or closing of the transaction with Oceanwide, Oceanwide's funding plans and regulatory approvals in the event an extension is pursued, actions Genworth may take to align its expense structure with anticipated business needs and transactions Genworth is pursuing to address its near-term liabilities and financial obligations, which may include additional debt financing and/or transactions to sell a percentage of its ownership interests in its mortgage insurance businesses. As previously disclosed, Genworth intends to manage the U.S. life insurance companies on a standalone basis with no plans to infuse capital into those companies in the future, absent an Oceanwide transaction. 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