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. 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 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. From time to time, Genworth releases important information via postings on its corporate website. Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. today announced they have extended their merger negotiations agreement to Dec. 31. 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. 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. Genworth said … — Read  Genworth Aims to Line Up Backup Financing Options, on ThinkAdvisor. SA Stone Wealth Management broker also was charged with an indecent assault on a female adult, according to court records. Elite teams are searching for a better way of doing business -- and they're finding answers in the RIA channel. 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. The life subsidiaries are the companies that wrote the LTCI business. Genworth Financial 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 ().Earlier this year, with all the regulatory approvals in place, it seems like Hony put the deal on ice. Genworth and China Oceanwide Push Back Deal Completion Deadline, Genworth Aims to Line Up Backup Financing Options, Robinhood Sued Over Issues Tied to 'Dark Pool' of Payments, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Annuities Insider Newsletter, Sign Up for the Life/Health Daily Newsletter, Sign Up for the Career Advantage Newsletter, Sign Up for the Life/Health Weekender Newsletter. 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. 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 … admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth and Oceanwide remain committed to the transaction and are still targeting closing towards the end of May, if feasible. 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. China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth GNW -28.84% Financial Inc., o Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Genworth's consolidated financial condition, results of operations, credit rating or liquidity. 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. Life Insurance Claim Form Instructional Video. 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 … China Oceanwide is a Beijing-based real estate developer and financial services company, with commercial real estate properties and construction projects all over the world. The companies said today that China’s National Development and Reform Commission has now extended acceptance of China Oceanwide’s Genworth acquisition filing. A Hony Capital representative … 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). “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. 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. 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. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. China Oceanwide is now in the process of closing on a $1.8 billion financing arrangement from Hony Capital, … 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. Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial ... Genworth, one of the … China Oceanwide has been trying to acquire Genworth for about four years. Genworth and China Oceanwide did not mention Hony Capital or other financial services companies in the announcement they put out today. Learn how lifestyle risk factors provide a sharper, more informed risk assessment to create a better experience for your customers. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. October 2003: Genworth Financial was formed by the joining of several GE Capital insurance companies. The trading platform is accused of “material omissions, misrepresentations, and concealment” of payments for order flow deals. 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 … China Oceanwide has been trying to acquire Genworth since October 2016. The China Oceanwide-Genworth deal agreement calls for Genworth to provide $175 million in cash for Genworth’s life insurance subsidiaries after the deal with China Oceanwide is completed. The age of digital prospecting is here. For more information, visit genworth.com. 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). 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 … From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. 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. Preserve wealth with help from advanced tax planning and risk management strategies. Genworth and China Oceanwide said today, in a comment about deal financing that, “The parties are also working on a 90-day extension of each of the three $500 million tranches under the post-close Oceanwide capital plan.”. Our financial products are offered/underwritten by one or more of the following: 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 … 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. A MetLife executive talks about a strategy some employers are using to fill positions that continue to be surprisingly hard to fill. 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 … Exclusive discounts on ALM and ThinkAdvisor events. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Now we know:. Genworth and China Oceanwide said in a cautionary note accompanying the announcement that have made forward-looking statements about a number of matters, including ”Oceanwide’s funding plans.”. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance 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. May 2004: Genworth went public on the New York Stock Exchange in a $2.8 … Closing dates for that deal have been pushed back twice, and that deal is now set to close Dec. 31. Genworth is 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 … Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Life Insurance Company of New York (only Genworth Life Insurance Company of New York is Approval from China’s State Administration of Foreign Exchange for China Oceanwide to convert Chinese currency into dollars and transfer the cash. 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… Grow your annuities business with help from expert insight and analysis you can access all in one place - FREE. 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. 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. All Rights Reserved. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. This information can be found at  http://www.genworth.com.au. Copyright © 2021 ALM Media Properties, LLC. The San Francisco Business Times reported in October that Hony Capital has been working to buy Oceanwide Center, a big commercial real estate project in San Francisco, from a China Oceanwide affiliate for $1.2 billion. 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 … A Hony Capital representative … Accordingly, we caution you against relying on any forward-looking statements. Oceanwide has confirmed that Oceanwide's existing financing arrangement for debt funding of up to $1.8 billion through Hony Capital has been extended through December 31, 2020. 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. The Hony Capital financing arrangement was set to expire March 31. “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 Oceanwide will be unable to complete funding,” according to the cautionary note. 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. 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. Your article was successfully shared with the contacts you provided. Download this eBook to learn five actionable ways you can start attracting new clients today. Businesses controlled by Oceanwide have more than 10,000 employees globally. 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 … Hony Capital has big stakes in companies such as WeWork and PizzaExpress. Assurance Corporation. Former RIA Killed Himself After U.S. Capitol Riot Arrest, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, 5 Predictions for Advisors in Biden’s First Year, Texas Broker Charged With Child Sexual Assault, Indecency. (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). 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 … Genworth announced that Oceanwide has made significant progress on the Hony Capital funding and has provided satisfactory documentation to Genworth indicating that Hony Capital … 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 … RICHMOND, Va. and BEIJING, Oct. 1, 2020 /PRNewswire/ -- 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… Oceanwide has reached a general agreement with Hony Capital … 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. Oceanwide said finalizing the Hony Capital financing terms and restrictions related to the coronavirus pandemic have contributed to the delay in closing the deal. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. Lu Zhiqiang, the chairman of China Oceanwide, referred generally to deal financing in a comment included in the new announcement. 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 … Get the latest best practices, relevant stats and industry trends - quickly and easily. 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. About Oceanwide  Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. In the United States, Oceanwide has real estate investments in New York, California, and Hawaii. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. Advance your career and take your firm's production to the next level with FREE practice-management tips. The Top 5 Lead Generation Ideas for Financial Advisors. Oceanwide will continue to work on finalizing its financing plan and will then discuss currency conversion and transfer of funds with China's State Administration of Foreign Exchange (SAFE). For your customers joining of several GE Capital insurance companies need to consummate the $ 2.7 billion deal a company. Of May, if feasible advanced tax planning and risk Management strategies Top 5 Lead Ideas... 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