Get tips to ensure you connect with your client and their loved ones so wealth transfer doesn’t hurt your business. Genworth Financial is a Fortune 500 insurance holding company that offers mortgage insurance and long term care insurance. Genworth said Nov. 2 that it believed China Oceanwide had made significant progress in obtaining funding from Hony Capital, a private equity affiliate of Legend Holdings, which is a  big Chinese investment company. (RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. issued an update on the pending transaction. How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Confirmation from the Delaware Department of Insurance that its earlier approval of the China Oceanwide-Genworth still applies. Businesses controlled by Oceanwide have more than 10,000 employees globally. Given uncertainty around the completion and timing of the remaining steps required to close the transaction, Genworth and Oceanwide have not extended the current December 31, 2020 "end date" under the merger agreement. We appreciate the continuing patience of our shareholders, employees and other stakeholders as we continue to pursue steps that will maximize Genworth's value. Why Ark CEO Cathie Wood Is Trouncing Rivals, Roth IRA Conversions: What Advisors Need to Know, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’. Life Insurance Company of New York (only Genworth Life Insurance Company of New York is China Oceanwide also is a minority investor in Shanghai-listed China Minsheng Bank and Hong Kong-listed Legend Holdings. Accordingly, we caution you against relying on any forward-looking statements. 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. Genworth Financial (NYSE:GNW) on Tuesday announced another extension to its proposed deal to be acquired by China Oceanwide Holdings, the … On Monday, Genworth said it had decided not to extend its merger agreement with Beijing-based China Oceanwide Holdings Group Ltd., the investment company that agreed in … The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. Genworth Financial, Inc. (NYSE: GNW) (Genworth, the Company) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today provided an update on … “Securing these last few remaining regulatory approvals and finalizing our financing are important milestones in our efforts to close our transaction and fulfill our vision of bringing long term care insurance to China,” said Lu. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Genworth, 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 continues to be a major mortgage insurance provider. Financial Inc., one of the world’s longest deal engagements, is really fizzling out. In the interim, Genworth is focusing on executing its contingency plan, including a potential partial IPO of Genworth's U.S. Mortgage Insurance (U.S. MI) business, designed to meet its near-term liabilities of approximately $1.0 billion of debt due in 2021. 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