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NC Regulator Oks Oceanwide Acquisition Of Genworth's NC-Domiciled Insurance Cos.

Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide on October. 21, 2016.

The North Carolina Department of Insurance's approval is conditioned on receipt of all other required regulatory approvals; the continued protection of, and limited access to, certain personally identifiable information held by Genworth; and the completion of the proposed merger transaction within 90 days following the date of the approval.

In addition to approval by the North Carolina Department of Insurance and the previously announced approval by the Virginia Bureau of Insurance, the closing of the proposed merger transaction also remains 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 U.S., China and other international jurisdictions.

by RTT Staff Writer

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