New York Regulator Reapproves Oceanwide Acquisition Of Genworth Life Insurance

(RTTNews) - Genworth Financial, Inc. (GNW) and China Oceanwide Holdings Group Co., Ltd. announced Tuesday that the New York State Department of Financial Services (NYDFS) has reapproved the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York (GLICNY). NYDFS' original approval expired in March 2019.

In connection with the NYDFS' reapproval, Genworth has agreed, among other things, to contribute $100 million to GLICNY at the closing of the Oceanwide transaction.

Genworth and Oceanwide have communicated the terms of the agreement with the NYDFS to Genworth's other domiciliary insurance regulators, and believe that these terms are acceptable to them as well.

Genworth and Oceanwide are discussing a short extension of the merger agreement beyond the current deadline of March 31, 2020 amid the ongoing challenges due to the coronavirus (COVID-19) pandemic.