Officials at the New York State Department of Financial Services have shown an early sign of comfort with efforts by China Oceanwide Holdings Group Co. Ltd. to acquire Genworth Financial Inc.
The department looked into the possibility of China Oceanwide becoming the parent of Genworth Life Insurance Company of New York, one of Genworth's subsidiaries.
The department told Genworth that, based on a preliminary review of China Oceanwide, “there is no reason to believe that China Oceanwide is an unsuitable controlling owner of GLICNY,” Genworth said.
China Oceanwide, a Beijing-based real estate development and financial services firm, announced plans in October to acquire Genworth for about $2.7 billion in cash. China Oceanwide also promised to provide a $525 million cash infusion for Genworth and $600 million in cash the Richmond, Virginia-based insurer can use to refinance or retire notes set to mature in 2018.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected], through X at @Think_Allison, and through LinkedIn.