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Oceanwide gets nod to buy Genworth's Virginia-Domiciled insurance firms

Published 15 September 2017

Virginia Regulator has approved Oceanwide's proposed acquisition of Genworth's Virginia-Domiciled insurance companies.

The Virginia State Corporation Commission, Bureau of Insurance, approved 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 Oct. 21, 2016.

The Virginia Bureau of Insurance's approval is conditioned on (i) the completion of the merger transaction on the terms and conditions as set forth in the merger agreement; (ii) receipt of all other required regulatory approvals; and (iii) the continued protection of, and limited access to, certain personally identifiable information held by Genworth. 

In addition to approval by 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.

Source: Company Press Release