The Top 5 Lead Generation Ideas for Financial Advisors. Our financial products are offered/underwritten by one or more of the following: A Hony Capital representative … Oceanwide has reached a general agreement with Hony Capital … Genworth Financial (NYSE:GNW) -13% and China Oceanwide Holdings announced that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and … RICHMOND, Va., April 1, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today issued an update with respect to its pending transaction with China Oceanwide Holdings Group Co., Ltd. (Oceanwide). Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial The age of digital prospecting is here. Genworth and Oceanwide Provide Update on Pending Transaction, For further information: For further information: Investors: investorinfo@genworth.com or Media: Julie Westermann, 804 662.2423, julie.westermann@genworth.com. — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance Earlier this week, Genworth announced that Oceanwide had made significant progress towards the Hony Capital funding and other requirements in order to close the Oceanwide transaction. Headquartered in Beijing, China, Oceanwide's well-established and diversified businesses include operations in financial services, energy, technology information services, culture and media, and real estate assets globally, including in the United States. Confirmation from the Delaware Department of Insurance that its earlier approval of the China Oceanwide-Genworth still applies. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth said one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. From time to time, Genworth releases important information via postings on its corporate website. October 2003: Genworth Financial was formed by the joining of several GE Capital insurance companies. Oceanwide will also seek confirmation from the Delaware Department of Insurance that the acquisition of Genworth's Delaware domiciled insurer may proceed under the existing approval. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. Second, the CEO, Tom McInerney, pointed out that the financing to buy Genworth from Hony Capital is separate from the financing for the San Francisco property: The Hony Capital funds … Genworth, a Richmond, Virginia-based insurer that has been a major issuer of life insurance and annuities, helped create the U.S. long-term care insurance (LTCI) market, and it continues to be a major mortgage insurance provider. The life subsidiaries are the companies that wrote the LTCI business. Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … The Hony Capital financing arrangement was set to expire March 31. 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 Tonghai International Financial Limited (formerly known as Quam Limited); the privately-held International Data Group, 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. Your article was successfully shared with the contacts you provided. … Preserve wealth with help from advanced tax planning and risk management strategies. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Genworth and Oceanwide remain committed to the transaction and are still targeting closing towards the end of May, if feasible. Life Insurance Claim Form Instructional Video. The company continues to write some LTCI coverage and still has large closed blocks of life insurance and annuity business. Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to … One obstacle to merger has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm, according to a Wall Street Journal report. 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. The trading platform is accused of “material omissions, misrepresentations, and concealment” of payments for order flow deals. The agreement also calls for China Oceanwide to make a $1.5 billion contribution to Genworth’s U.S. operations in three “tranches,” or slices, after the deal closes. Genworth: China Oceanwide, Hony leaders work on financing, source says 15 May 2020 - 10:33 am UTC Senior executives at China Oceanwide and Hony Capital continue to work on lining up funding for the USD 1.8bn offshore bridge loan from Hony that China Oceanwide needs to fund its long-pending acquisition of Genworth … Genworth said Nov. 2 that it believed China Oceanwide had made significant progress in obtaining funding from Hony Capital, a private equity affiliate of Legend Holdings, which is a  big Chinese investment company. The company is still expecting to use about $1 billion from mainland China, with another $1.8 billion coming from a loan by Hony Capital, a Chinese private equity firm. About Oceanwide  Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. 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 … China Oceanwide has been trying to acquire Genworth for about four years. Take the guess work out of long term care planning. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Get the latest best practices, relevant stats and industry trends - quickly and easily. China Oceanwide has been trying to acquire Genworth since October 2016. Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth… This information can be found at  http://www.genworth.com.au. Genworth said Monday that one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to June 30, 2020. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. Shares of Genworth Financial (NYSE:GNW) have plummeted today, down by 26% as of 12:05 p.m. EST, after the company provided an update regarding its transaction with China Oceanwide. 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 transaction 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 parties' inability to obtain regulatory approvals, clearances or extensions, or the possibility that such regulatory approvals or clearances may further delay the transaction with Oceanwide or will not be received prior to June 30, 2020 (and either or both of the parties may not be willing to further waive their end date termination rights beyond June 30, 2020) or that materially burdensome or adverse regulatory conditions may be imposed or undesirable measures may be required in connection with any such regulatory approvals, clearances or extensions (including those conditions or measures that either or both of the parties may be unwilling to accept or undertake, as applicable) or that with continuing delays, circumstances may arise that make one or both parties unwilling to proceed with the transaction with Oceanwide or unable to comply with the conditions to existing regulatory approvals or one or both of the parties may be unwilling to accept any new condition under a regulatory approval; (iii) the risk that the parties will not be able to obtain other regulatory approvals, approvals, clearances or extensions, including in connection with a potential alternative funding structure or the current geo-political environment, or that one or more regulators may rescind or fail to extend existing approvals, or that the revocation by one regulator of approvals will lead to the revocation of approvals by other regulators; (iv) the parties' inability to obtain any necessary regulatory approvals, clearances or extensions for the post-closing capital plan, and/or the risk that a condition to the closing of the transaction with Oceanwide may not be satisfied or that a condition to closing that is currently satisfied may not remain satisfied due to the delay in closing the transaction with Oceanwide or that the parties are unable to agree upon a closing date following receipt of all regulatory approvals and clearances; (v) potential legal proceedings that may be instituted against Genworth related to the transactions with Oceanwide; (vi) the risk that the proposed transaction disrupts Genworth's current plans and operations as a result of the announcement and consummation of the transaction; (vii) potential adverse reactions or changes to Genworth's business relationships with clients, employees, suppliers or other parties or other business uncertainties resulting from the announcement of the transaction or during the pendency of the transaction, including but not limited to such changes that could affect Genworth's financial performance; (viii) certain restrictions during the pendency of the transaction that may impact Genworth's ability to pursue certain business opportunities or strategic transactions; (ix) continued availability of capital and financing to Genworth before the consummation of the transaction; (x) further rating agency actions and downgrades in Genworth's financial strength ratings; (xi) changes in applicable laws or regulations; (xii) Genworth's ability to recognize the anticipated benefits of the transaction; (xiii) the amount of the costs, fees, expenses and other charges related to the transaction; (xiv) the risks related to diverting management's attention from Genworth's ongoing business operations; (xv) the impact of changes in interest rates and political instability; and (xvi) 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, 2020. A publicly traded China Oceanwide real estate development affiliate based in Hong Kong has said, in English-language filings, that the COVID-19 has caused problems for many of its office buildings, shopping centers and construction projects. Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth GNW -28.84% Financial Inc., o — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. On Oct. 1, 2020, Genworth announced that Oceanwide had reached an agreement with Chinese private equity firm Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. A MetLife executive talks about a strategy some employers are using to fill positions that continue to be surprisingly hard to fill. However, given the unprecedented market disruptions due to the coronavirus pandemic, Oceanwide and Genworth previously extended the deadline to no later than June 30, 2020 to provide the parties with additional time if needed to close the transaction. Earlier … Genworth Financial (GNW) is a company that has been wrapped up in regulatory approvals from 2016 to March of this year regarding its pending sale to China Oceanwide (OTC:HHRBF). Now we know:. Genworth Financial and China Oceanwide Holdings Group Co. can't seem to put the finishing touches on their agreement for Oceanworth to buy Genworth, a ... of the Hony Capital … The companies said today that China’s National Development and Reform Commission has now extended acceptance of China Oceanwide’s Genworth acquisition filing. 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 closing of the transaction with Oceanwide, the receipt of required approvals relating thereto and any capital contribution resulting therefrom. Genworth (NYSE:GNW) said that Covid-19 and some geopolitical issues have raised additional due diligence issues for Hony Capital, which is helping fund China Oceanwide's acquisition of Genworth … Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony Capital for $1.8 billion has been successfully extended to June 30, 2020. Genworth and China Oceanwide did not mention Hony Capital or other financial services companies in the announcement they put out today. RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) today provided an update on the status of their pending transaction. A Hony Capital representative … The companies said that, to complete the deal, they still need: The companies also need the blessing of regulators in Delaware because a major Genworth life insurance subsidiary has its official state of domicile in Delaware. Accordingly, we caution you against relying on any forward-looking statements. As previously disclosed, Oceanwide had a financing arrangement for debt funding of up to $1.8 billion through Hony Capital to partially finance the acquisition of Genworth. 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. Advance your career and take your firm's production to the next level with FREE practice-management tips. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. Further, 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. Access now! “Securing these last few remaining regulatory approvals and finalizing our financing are important milestones in our efforts to close our transaction and fulfill our vision of bringing long term care insurance to China,” said Lu. 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