Genworth Financial News

Genworth to Sell Stake in Canada Mortgage Unit to Push China Deal

Genworth Financial Inc. agreed to sell its Canadian unit to Brookfield Business Partners LP for C$2.4 billion ($1.8 billion) as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group Co. Brookfield Business Partners LP will …

Virginia’s Genworth Financial to Layoff About 80 Employees

A company has announced the layoff of about 80 employees, including 35 in a Virginia city. The News & Advance reported Monday that Genworth Financial announced the layoffs of 35 people in Lynchburg, Va., and 21 people in Richmond, Va. …

China Oceanside’s Acquisition of Genworth Again Delayed by U.S. Review

The closing deadline for China Oceanwide Holdings Group Co.’s proposed purchase of Genworth Financial Inc .has been extended for a second time, to April 1, to allow them to satisfy a U.S. review on foreign takeovers, they said on Wednesday. …

Private Mortgage Insurers’ Bigger Slice of Freddie Mac Pie Smaller Than Hoped

Mortgage insurance companies are getting a long-awaited shot at expanding their business with Fannie Mae and Freddie Mac. But it’s shaping up to be less lucrative than they had hoped. Freddie Mac on Monday planned to say it will start …

Battered by Long-Term Insurance Losses, Genworth Eyes Asset Sales

Genworth Financial Inc., the insurer battered by losses on long-term care coverage, has said it could pursue more divestitures to help pay down more than $500 million in debt maturing in 2018 as turmoil in the bond market shuts out …

Virginia’s Genworth Financial to Cut 330 Positions

Henrico County, Virginia-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move. Media outlets report that the latest job cuts were disclosed on Friday, Feb. 5, after Genworth announced on Feb. 4 that …

AXA Enters Exclusive Negotiations to Buy Genworth Lifestyle Protection Insurance

Paris-based AXA has entered into exclusive negotiation with Genworth Financial to acquire 100 percent of Genworth Lifestyle Protection Insurance (Genworth LPI), for a total cash consideration of 475 million euros. Genworth LPI is the seventh largest creditor insurance player in …

Genstar, Aquiline Bid for Genworth Businesses: Sources

Private equity firms Genstar Capital and Aquiline Private Equity LLC have teamed up and are in exclusive negotiations to buy Genworth Financial Inc.’s wealth management business and its San Francisco-based alternative investment business, two sources familiar with the situation said. …

Genworth Separates Mortgage Insurance Unit, Reduces Bond Default Risk

Genworth Financial Inc. on Wednesday said it was reorganizing itself to separate its mortgage insurance business from the rest of the company, reducing the risk of default on its bonds and sending its shares up 9 percent. Genworth’s shareholders — …

Genworth Financial Cuts About 80 Positions at Virginia Offices

Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations. The move comes days after the Richmond-based company’s chairman and CEO, Michael D. Fraizer, resigned. Genworth spokesman Tom Topinka told the Richmond Times-Dispatch that the cuts were fewer …