Hints and tips:
...A longstanding attempt to acquire Genworth Financial, a US insurer, fell through in April ahead of the IDG sale. Blackstone declined to comment....
...“That’s the problem, when you’re doing an IPO, you’re subject to the vagaries of the market,” said Tom McInerney, chief executive at Genworth Financial, which was planning to spin off its mortgage insurance...
...ByteDance’s advisers have argued their proposal mirrors provisions put in place during the 2018 sale of the insurer Genworth to China’s Oceanside, which Cfius approved....
...Financial and ERC more than a decade ago....
...Investors have been wary of risks lurking within GE’s portfolio of long-term care insurance liabilities, retained after spinning off its Genworth Financial unit more than a decade ago....
...Fitch’s Mr Beato says Genworth, which was spun off from GE years ago, Unum, Aegon Americas and Senior Health Insurance Company of Pennsylvania also have “below average” LTC reserve adequacy....
...Brookfield is poised to create a $5bn fund, with a potential open-ended structure, into which it would reverse Genworth, a Canadian mortgage insurer acquired last week....
...(New York magazine) A very long engagement The $2.7bn takeover of Genworth by China Oceanwide Holdings Group was announced in 2016....
...Buying Genworth Financial as a primer on long-term care insurance is like seeking tips on winning the baseball World Series in the gameplay of New York’s hapless Mets....
...For example, GE said in January it would have to pay $15bn during the next seven years to cover the cost of long-term care insurance sold much earlier by its Genworth unit....
...In the US, Genworth Financial surged after the Committee on Foreign Investment in the United States dropped its objections to a proposed takeover of the insurer by China Oceanwide....
...Financial unit more than a decade before....
...Controlled by Lu Zhiqiang, a founding shareholder in China’s largest privately held bank, Oceanwide announced in October it would pay $2.7bn to buy Genworth Financial, a US insurance company....
...Many had little clarity about the legacy liabilities linked to Genworth Financial, the insurance unit, which GE spun off in 2004....
...Oceanwide’s $2.7bn acquisition of Genworth Financial, announced in October 2016, remains in the balance....
...Rohan, who will join FBR as a senior managing director in its restructuring group, had previously worked at Jefferies, Genworth Financial and law firm Paul, Weiss, Rifkind, Wharton & Garrison....
...Rare is the financial transaction in which all sides can be declared a winner....
...After the financial crisis several companies, including The Hartford, ING and Genworth, wound down or exited their VA operations, due to hefty losses....
...Some of the most noticeable deals still pending are Oceanwide’s $2.7bn acquisition of Genworth Financial, as well as the sale of Anthony Scaramucci’s SkyBridge Capital hedge fund to HNA Capital....
...US life insurers suffered losses on variable annuities in the financial crisis....
...GE exited direct insurance of long-term healthcare claims, most notably when it spun off Genworth Financial in 2005 (it is now facing distress of its own)....
...GE pulled out of insurance in 2004-06 when it spun off Genworth Financial, but it retained a run-off of policies sold in the 1990s and 2000s....
...The US immigration debate has so much mutual loathing on all sides that it is nearly impossible to have a reasonable discussion of the balance of economic and financial risk....
...Genworth Financial, announced in October 2016....
...Mr Immelt got out of the business, spinning off some operations such as Genworth Financial in 2004 and selling ERC in 2006....
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