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China Oceanwide Submits Documents To NYDFS For Genworth Life Acquisition

Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) announced Monday that Oceanwide has submitted supplemental materials to the New York State Department of Financial Services (NYDFS) and other U.S. insurance regulators to document the 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).

The filings reflect, among other items, Genworth's agreement with the NYDFS to make the previously disclosed $100 million capital contribution to GLICNY at closing of the proposed acquisition through the issuance by GLICNY of a surplus note to a Genworth holding company.

The reapproval by the NYDFS remains subject to their review of the final submitted documentation.

In addition, the parties are providing supplemental information to certain U.S. insurance regulators to reflect 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 U.S. 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. However, the impact of the coronavirus outbreak in the United States and China may delay it.

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