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China Oceanwide will buy Genworth in a $2.7-billion deal which includes a $1.1-billion capital commitment to pay off debt and invest in the US life insurance business. “China Oceanwide is also aligned with Genworth’s long-term goals of serving the aging population in the U.S., and providing financial capabilities to those seeking home ownership.” I believe this is good news for Genworth policyholders and the LTC insurance marketplace overall. Readers should note that two other active LTC insurers are also now foreign-owned. John Hancock is owned by the Canadian insurance company Manulife, and Transamerica is owned by Dutch insurer AEGON.
The US life & LTC biz must and will remain a US-based subsidiary of China Oceanwide, subject to US federal and state regulators. In-force policies must all be honored by law. Click here for a link to the company's full press release: http://investor.genworth.com/investors/news-releases/archive/archive/2016/China-Oceanwide-To-Acquire-Genworth-Financial/default.aspx
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Comfort Long Term Care is an independent insurance brokerage agency specializing exclusively in LTC insurance. Agency owner, Bill Comfort, The LTCpro® is a LTC specialist celebrating 30+ years of experience since 1991! We are based in the Raleigh, Durham, Chapel Hill, North Carolina Triangle region, but we serve clients throughout NC and across the country. We also have an office in St. Louis, Missouri.
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