RICHMOND, Va., Oct. 9, 2017 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co.,
Ltd. (Oceanwide) today announced that the South Carolina Department
of Insurance has approved the proposed acquisition of control by
Oceanwide of Genworth's South
Carolina-domiciled special purpose financial captive
insurance subsidiary, Rivermont Life Insurance Company I, as
contemplated under the merger agreement entered into by Genworth
and Oceanwide on Oct. 21,
2016.
The South Carolina Department of Insurance's approval is
conditioned on the continued protection of, and limited access to,
certain personally identifiable information held by Genworth.
In addition to approval by the South Carolina Department of
Insurance, Genworth and Oceanwide, previously received approval
from the Vermont Insurance Division. The Vermont Insurance Division
approved the proposed acquisition of control by Oceanwide of
Genworth's Vermont-domiciled
special purpose financial captive insurance subsidiaries.
Although Genworth and Oceanwide have received approvals from the
North Carolina Department of Insurance, South Carolina Department
of Insurance, Vermont Insurance Division and 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.
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a Fortune 500 insurance holding company committed to
helping families achieve the dream of homeownership and address the
financial challenges of aging through its leadership positions in
mortgage insurance and long term care insurance. Headquartered
in Richmond, Virginia, Genworth
traces its roots back to 1871 and became a public company in
2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth
Mortgage Insurance Australia Limited, separately release financial
and other information about their operations. This information can
be found at http://genworth.ca and
http://www.genworth.com.au.
About Oceanwide
Oceanwide is a privately held, family
owned international financial holding group founded by LU Zhiqiang.
Headquartered in Beijing, China,
Oceanwide's well-established and diversified businesses include
operations in financial services, energy, culture and media, and
real estate assets globally, including in the United States.
Oceanwide is the controlling shareholder of the Shenzhen-listed Oceanwide Holdings Co., Ltd.
and Minsheng Holdings Co. Ltd.; the Hong
Kong-listed China Oceanwide Holdings Limited and China
Oceanwide International Financial Limited, (formerly known as
Quam Limited); the privately-held Minsheng Securities, Minsheng
Trust, and Asia Pacific Property & Casualty Insurance; and it
is the single largest shareholder of Australia-listed CuDECO Ltd. China Oceanwide
also is a minority investor in Shanghai-listed China
Minsheng Bank and Hong
Kong-listed Legend Holdings. In the United States, Oceanwide has real estate
investments in New York,
California, and Hawaii. Businesses controlled by Oceanwide
have more than 10,000 employees globally.
Cautionary Note Regarding Forward-Looking Statements
This communication includes certain statements that may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements may be identified by
words such as "expects," "intends," "anticipates," "plans,"
"believes," "seeks," "estimates," "will" or words of similar
meaning and include, but are not limited to, statements regarding
the outlook for the company's future business and financial
performance. 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. Actual outcomes and results may differ
materially from those in the forward-looking statements and factors
that may cause such a difference include, but are not limited to,
risks and uncertainties related to: (i) the risk that the proposed
merger with Oceanwide may not be completed in a timely manner or at
all, which may adversely affect Genworth's business and the price
of Genworth's common stock; (ii) the ability of the parties to
obtain regulatory approvals, or the possibility that regulatory
approvals may further delay the transaction or will not be received
prior to November 30, 2017 (and
either or both of the parties may not be willing to further waive
their end date termination rights beyond November 30, 2017) or that materially burdensome
or adverse regulatory conditions may be imposed in connection with
any such regulatory approvals (including those conditions that
either or both of the parties may be unwilling to accept); (iii)
the risk that a condition to closing of the transaction may not be
satisfied; (iv) potential legal proceedings that may be instituted
against Genworth in connection with the transaction; (v) the risk
that the proposed transaction disrupts Genworth's current plans and
operations as a result of the consummation of the transaction; (vi)
potential adverse reactions or changes to Genworth's business
relationships with clients, employees, suppliers or other parties
or other business uncertainties during the pendency of the
transaction, including but not limited to such changes that could
affect Genworth's financial performance; (vii) certain restrictions
during the pendency of the transaction that may impact Genworth's
ability to pursue certain business opportunities or strategic
transactions; (viii) continued availability of capital and
financing to Genworth before the consummation of the transaction;
(ix) further rating agency actions and downgrades in Genworth's
financial strength ratings; (x) changes in applicable laws or
regulations; (xi) Genworth's ability to recognize the anticipated
benefits of the transaction; (xii) the amount of the costs, fees,
expenses and other charges related to the transaction; (xiii) the
risks related to diverting management's attention from Genworth's
ongoing business operations; (xiv) the impact of changes in
interest rates and political instability; and (xv) other risks
and uncertainties described in the Definitive Proxy Statement,
filed with the SEC on January 25,
2017, and Genworth's Annual Report on Form 10-K, filed with
the SEC on February 27, 2017.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Consequences of
material differences in results as compared with those anticipated
in the forward-looking statements could include, among other
things, business disruption, operational problems, financial loss,
legal liability to third parties and similar risks, any of which
could have a material adverse effect on Genworth's consolidated
financial condition, results of operations, credit rating or
liquidity. Accordingly, forward-looking statements should not be
relied upon as representing Genworth's views as of any subsequent
date, and Genworth does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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SOURCE Genworth Financial, Inc.