“Genworth Gets Major Regulatory Approvals for China Oceanwide Deal,” by Allison Bell, ThinkAdvisor

“Genworth Financial Inc. is now much closer to becoming part of China Oceanwide Holdings Group Co. Ltd. The Richmond, Virginia-based insurer says it has received approvals for the $2.7 billion China Oceanwide deal from several major regulatory agencies.

… GLIC has written more LTCI business than any other U.S. issuer.

The Delaware Department of Insurance, the lead regulator for a major Genworth subsidiary, Genworth Life Insurance Company (GLIC), has given the deal its blessing. Genworth says it also has received approvals from two major U.S. mortgage guarantee agencies, Fannie Mae and Freddie Mac, and from regulators in Australia and New Zealand. China Oceanwide and Genworth announced the deal in October 2016. They recently pushed the deal completion deadline back to Jan. 31, 2019, from Dec. 1.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Maybe this will really happen. Congratulations, Genworth!