About Oceanwide Oceanwide is a privately held, family owned international financial holding group founded by LU Zhiqiang. The Top 5 Lead Generation Ideas for Financial Advisors. A Hony Capital representative … Oceanwide said finalizing the Hony Capital financing terms and restrictions related to the coronavirus pandemic have contributed to the delay in closing the deal. 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. 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. Life Insurance Claim Form Instructional Video. 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. 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. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. “Genworth has been informed by Oceanwide that the previously disclosed financing arrangement between Oceanwide and Hony … Advance your career and take your firm's production to the next level with FREE practice-management tips. Copyright © 2021 ALM Media Properties, LLC. Start your mornings with essential life and health insurance news coverage, analysis and trends - FREE. 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.”. Earlier … Approval from China’s State Administration of Foreign Exchange for China Oceanwide to convert Chinese currency into dollars and transfer the cash. 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 said one stumbling block has been the deal’s financing, which was to be partially supplied by Hony Capital, a Chinese private-equity firm. This information can be found at http://www.genworth.com.au. 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. 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 Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial … © 2021 Genworth Financial, Inc. All rights reserved. “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 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. Hony Capital has big stakes in companies such as WeWork and PizzaExpress. 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 … (Related: Genworth and China Oceanwide Push Back Deal Completion Deadline). Download this eBook to learn five actionable ways you can start attracting new clients today. 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. — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. 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. Genworth said … 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. Assurance Corporation. 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. 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. 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. May 2004: Genworth went public on the New York Stock Exchange in a $2.8 … The life subsidiaries are the companies that wrote the LTCI business. Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com. From time to time, Genworth's publicly traded subsidiary, Genworth Mortgage Insurance Australia Limited, separately releases financial and other information about its operations. 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 age of digital prospecting is here. Genworth and Oceanwide remain committed to the transaction and are still targeting closing towards the end of May, if feasible. The trading platform is accused of “material omissions, misrepresentations, and concealment” of payments for order flow deals. Learn how lifestyle risk factors provide a sharper, more informed risk assessment to create a better experience for your customers. China Oceanwide Holdings Group Co.’s four-year-old agreement to buy Genworth GNW -28.84% Financial Inc., o Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth The Hony Capital financing arrangement was set to expire March 31. The companies said they now have received most of the regulatory approvals they need to consummate the $2.7 billion deal. Elite teams are searching for a better way of doing business -- and they're finding answers in the RIA channel. RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Genworth Financial, Inc. 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