China Oceanwide has obtained approval from Virginia State Corporation Commission, Bureau of Insurance, for the proposed Genworth purchase.
The acquisition of Genworth Financial’s Virginia-domiciled insurance companies is finally complete.
Pursuant to the terms of the contract signed in October 2016, Oceanwide will acquire Genworth Life and Annuity Insurance Company and Jamestown Life Insurance Company.
Additionally, insurance regulators in North Carolina, South Carolina and Vermont have also reapproved the proposed acquisition of control by Oceanwide of Genworth’s subsidiaries domiciled in those states.
Earlier, regulators in these four states had given nods for the transaction and reapproved after the parties filed supplemental information to reflect changes to the transaction.
Meanwhile, the completion of the transaction is still subject to other conditions, including the receipt of other required regulatory approvals in the US, China and Canada.
Genworth and Oceanwide have extended their merger agreement to 31 January 2019 to provide additional time for regulatory review of the transaction.
Upon the completion of the acquisition, Genworth will operate a standalone subsidiary of China Oceanwide and Genworth’s senior management team will continue to lead the business from its current headquarters in Richmond, Virginia.