Delaware Schedules China Oceanwide-Genworth Hearing
October 29, 2018 by Allison Bell
China Oceanwide Holdings Group Co. Ltd. may be about to get a step closer to completing its proposed acquisition of Genworth Financial Inc.
The Delaware Department of Insurance has agreed to hold a public hearing on China Oceanwide’s application to acquire a key Genworth subsidiary, Genworth Life Insurance Company (GLIC) Nov. 28.
China Oceanwide has been trying to acquire Genworth since October 2016.
GLIC has written much of Genworth’s long-term care insurance. Genworth Life and Annuity Insurance Company (GLAIC), a GLIC subsidiary, has written many of Genworth’s annuities.
Genworth had hoped to make the China Oceanwide-Genworth deal more appealing by unstacking GLAIC from GLIC. Regulators in Delaware objected.