Virginia regulator reapproves Oceanwide acquisition of Genworth's companies
Genworth Financial and China Oceanwide Holdings Group Co., announced that the Virginia State Corporation Commission, Bureau of Insurance, reapproved the proposed acquisition of control by Oceanwide of Genworth's Virginia-domiciled insurance companies, Genworth Life and Annuity Insurance Company and Jamestown Life Insurance Company, as contemplated under the merger agreement entered into by Genworth and Oceanwide on October 21, 2016. In addition to reapproval by the Virginia regulator, insurance regulators in North Carolina, South Carolina and Vermont also reapproved the proposed acquisition of control by Oceanwide of Genworth's subsidiaries domiciled in those states. Regulators in these four states had previously approved the transaction and reapproved after the parties filed supplemental information to reflect changes to the transaction that had occurred since the regulators' original approvals. In addition to approvals already received, the closing of the transaction remains subject to other conditions, including the receipt of other required regulatory approvals in the U.S., China and Canada. Genworth and Oceanwide are actively engaged with the relevant regulators regarding their pending applications. As previously announced, Genworth and Oceanwide extended their merger agreement to January 31, 2019 to provide additional time for regulatory review of the transaction.