Genworth Financial announces agreement in principle with NYDFS regarding proposed Oceanwide acquisition of Genworth's New York-domiciled insurance company
Genworth Financial and China Oceanwide Holdings Group today announced that they have agreed in principle with the New York State Department of Financial Services (NYDFS) on conditions that are expected to facilitate a reapproval by the NYDFS of the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York (GLICNY).
Genworth has agreed, among other things, to contribute $100 mln to GLICNY at the closing of the Oceanwide transaction.
The reapproval of the NYDFS remains subject to submission and approval of the documentation setting forth the agreed upon conditions. Oceanwide and Genworth are working to complete this process as soon as possible.
In addition, the parties are providing supplemental information to certain US insurance regulators to reflect the planned capital contribution to GLICNY at the closing of the Oceanwide transaction and the passage of time since their prior approval of the Oceanwide transaction. If the parties are able to obtain the NYDFS reapproval and confirm the other US regulatory approvals, Oceanwide will also need to receive clearance in China for the currency conversion and transfer of funds in order to complete the transaction.
Genworth and Oceanwide are targeting closing the transaction on or about March 31, 2020.
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