Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Genworth is 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 … All Rights Reserved. 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 … Cautionary Note Regarding Forward-Looking Statements 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. Genworth Financial (NYSE:GNW) -13% and China Oceanwide Holdings announced that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and … Elite teams are searching for a better way of doing business -- and they're finding answers in the RIA channel. About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. Your article was successfully shared with the contacts you provided. 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. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. China Oceanwide is now in the process of closing on a $1.8 billion financing arrangement from Hony Capital, … The companies said that, to complete the deal, they still need: The companies also need the blessing of regulators in Delaware because a major Genworth life insurance subsidiary has its official state of domicile in Delaware. Assurance Corporation. The Top 5 Lead Generation Ideas for Financial Advisors. Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth GNW -28.84% Financial Inc., o RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. Genworth said Monday that one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. “Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony … “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. Oceanwide will also seek confirmation from the Delaware Department of Insurance that the acquisition of Genworth's Delaware domiciled insurer may proceed under the existing approval. China Oceanwide has been trying to acquire Genworth for about four years. October 2003: Genworth Financial was formed by the joining of several GE Capital insurance companies. Oceanwide said finalizing the Hony Capital financing terms and restrictions related to the coronavirus pandemic have contributed to the delay in closing the deal. Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance Learn how lifestyle risk factors provide a sharper, more informed risk assessment to create a better experience for your customers. Oceanwide has reached a general agreement with Hony Capital … 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. The companies said today that China’s National Development and Reform Commission has now extended acceptance of China Oceanwide’s Genworth acquisition filing. admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth said one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. 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 life subsidiaries are the companies that wrote the LTCI business. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. Life Insurance Claim Form Instructional Video. Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth For more information, visit genworth.com. 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. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Second, the CEO, Tom McInerney, pointed out that the financing to buy Genworth from Hony Capital is separate from the financing for the San Francisco property: The Hony Capital funds … Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial Access now! Genworth (NYSE:GNW) said that Covid-19 and some geopolitical issues have raised additional due diligence issues for Hony Capital, which is helping fund China Oceanwide's acquisition of Genworth … Genworth and China Oceanwide Push Back Deal Completion Deadline, Genworth Aims to Line Up Backup Financing Options, Robinhood Sued Over Issues Tied to 'Dark Pool' of Payments, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Annuities Insider Newsletter, Sign Up for the Life/Health Daily Newsletter, Sign Up for the Career Advantage Newsletter, Sign Up for the Life/Health Weekender Newsletter. 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. May 2004: Genworth went public on the New York Stock Exchange in a $2.8 … Genworth Financial and China Oceanwide Holdings Group Co. can't seem to put the finishing touches on their agreement for Oceanworth to buy Genworth, a ... of the Hony Capital … Accordingly, we caution you against relying on any forward-looking statements. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Genworth said … Exclusive discounts on ALM and ThinkAdvisor events. 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 closing of the transaction with Oceanwide, the receipt of required approvals relating thereto and any capital contribution resulting therefrom. A Hony Capital representative … © 2021 Genworth Financial, Inc. All rights reserved. About Genworth Financial Genworth 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. One obstacle to merger has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm, according to a Wall Street Journal report. Lu Zhiqiang, the chairman of China Oceanwide, referred generally to deal financing in a comment included in the new announcement. This information can be found at http://www.genworth.com.au. Genworth announced that Oceanwide has made significant progress on the Hony Capital funding and has provided satisfactory documentation to Genworth indicating that Hony Capital … Preserve wealth with help from advanced tax planning and risk management strategies. 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… Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. 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. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. … Genworth Financial (GNW) is a company that has been wrapped up in regulatory approvals from 2016 to March of this year regarding its pending sale to China Oceanwide (OTC:HHRBF). (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to June 30, 2020. 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