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October 10, 2017

Oceanwide gets South Carolina and Vermont regulators’ nod to buy Rivermont Life Insurance

China-based Oceanwide Holdings Group has secured an approval from the South Carolina Department of Insurance for the proposed takeover of Genworth’s South Carolina-domiciled special purpose financial captive insurance subsidiary, Rivermont Life Insurance Company I.

The agreement was inked in October 2016.

The South Carolina Department of Insurance has granted permission on the condition that the acquirer will continue to provide protection of, and limited access to, certain personally identifiable information held by Genworth.

Vermont Insurance Division has also given green signal to Oceanwide’ proposed acquisition of Genworth’s Vermont-domiciled special purpose financial captive insurance subsidiaries.

Until now, Oceanwide and Genworth have secured regulatory clearance from the North Carolina Department of Insurance, South Carolina Department of Insurance, Vermont Insurance Division and the Virginia Bureau of Insurance.

However, the completion of the proposed merger transaction still subject to other conditions, including clearance by the Committee on Foreign Investment in the United States (CFIUS) and receipt of other required regulatory approvals in the US, China and other international jurisdictions.

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