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Genworth Mortgage Insurance obtains $349.6mn coverage from Triangle Re

23rd October 2020

Genworth Mortgage Insurance Corporation has announced that it has obtained $349.6mn of reinsurance coverage from Triangle Re Ltd. on a portfolio of existing mortgage insurance policies written from January 2020 through to August 2020. Triangle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate ... Read the full article

Genworth & Oceanwide acquisition further progressed

2nd October 2020

Mortgage insurer, Genworth Financial, Inc. and China Oceanwide Holdings Group Co., have announced that Oceanwide has reached an 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. The key commercial terms and conditions include its $1.8 ... Read the full article

Genworth & Oceanwide confirm September merger date

2nd September 2020

Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have confirmed that their long-delayed merger agreement is still set to go ahead this month, following approval of Oceanwide’s funding plans. Genworth said that it was satisfied with the funding plans for the $2.7 billion deal, and therefore does not intend to ... Read the full article

Genworth posts $441m Q2 loss, gives update on China Oceanwide merger

30th July 2020

Mortgage insurer Genworth Financial has reported a net loss of $441 million in the second quarter of 2020, compared with net income of $168 million the the prior year quarter. The company recently reached a settlement agreement with AXA regarding a dispute over payment protection insurance claims underwritten by the company's ... Read the full article

Genworth Financial announces new leadership changes

30th July 2020

Genworth Financial, Inc. has announced that Kelly L. Groh has resigned as executive vice president and chief financial officer. These new changes will be finalised upon the completion of the company's second quarter financial close process and related Form 10-Q filing, which is expected to occur in early August. Tom McInerney, president ... Read the full article

Genworth reaches PPI settlement with AXA

21st July 2020

Mortgage insurer Genworth Financial has reached an agreement with AXA to settle a dispute that relates to liability for payment protection insurance (PPI) mis-selling losses. The losses concern mis-selling complaints for PPI underwritten by two companies that AXA acquired from Genworth in 2015, for policies sold from 1970 through 2004. Although Genworth ... Read the full article

Genworth secures $300mn mortgage reinsurance from capital markets

9th July 2020

Genworth Mortgage Insurance, part of Genworth Financial, has completed an excess of loss reinsurance transaction covering a portion of the loss tier on subject loans written between 2009 and 2019 book years, effective April 1, 2020. The transaction provides reinsurance coverage in excess of the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital ... Read the full article

Genworth & China Oceanwide delay merger to September

30th June 2020

Mortgage insurer Genworth Financial has announced a further delay to its planned merger agreement with China Oceanwide Holdings Group Co., Ltd., now setting the deadline at no later than September 30, 2020. Originally set for June 30, 2019, Genworth first delayed the merger to allow time to explore the sale ... Read the full article

Coronavirus could delay Genworth & China Oceanwide merger

24th March 2020

Mortgage insurer Genworth Financial has said that its planned merger agreement with China Oceanwide Holdings Group Co., Ltd. may be further delayed due to operational disruptions caused by the coronavirus. The New York State Department of Financial Services (NYDFS) recently reapproved the proposed acquisition of control by Oceanwide of Genworth's New ... Read the full article

Brookfield Business Partners completes Genworth Canada purchase

16th December 2019

Genworth Financial, Inc. has announced the closing of the sale of its majority share in Genworth MI Canada Inc. to Brookfield Business Partners. The deal was announced in August, and sees Brookfield Business Partners acquire a 57% controlling interest in Genworth MI Canada Inc. for approximately CAD 2.4 billion (USD ... Read the full article

Genworth secures $300mn mortgage reinsurance from capital markets

25th November 2019

Genworth Mortgage Insurance (MI), part of Genworth Financial, Inc., has obtained £302.8 million of fully collateralised excess of loss reinsurance coverage from the capital markets. Genworth Mortgage Insurance Corporation, a wholly owned subsidiary of Genworth MI, secured the coverage from Triangle Re 2019-1 Ltd. Triangle Re is a special purpose insurer domiciled ... Read the full article

Brookfield Business Partners acquires majority stake in Genworth Canada

13th August 2019

Brookfield Business Partners L.P. is set to acquire a 57% controlling interest in Genworth MI Canada Inc. (Genworth Canada) from Genworth Financial for approximately CAD 2.4 billion (USD 1.8 billion). Genworth Canada, through its subsidiary Genworth Financial Mortgage Insurance Company Canada, is the largest private sector residential mortgage insurer in Canada. Prior ... Read the full article

Genworth delays China Oceanwide merger to explore sale of Canada business

3rd July 2019

Mortgage insurer Genworth Financial has announced a five-month extension to its planned merger agreement with China Oceanwide Holdings Group Co., Ltd., which will give it time to explore the sale of its Canadian business, Genworth MI Canada Inc. Oceanwide, which had been set to acquire Genworth by June 30, 2019, gave ... Read the full article

Genworth & China Oceanwide complete reinsurance agreements & refile CFIUS notice

14th July 2017

Insurer Genworth Financial and China Oceanwide Holdings have announced the completion of internal reinsurance agreements and have again withdrawn and re-filed their joint voluntary notice with the U.S. Committee on Foreign Investment (CFIUS), to allow the committee more time to review the firms' proposed transaction under their merger agreement. A new ... Read the full article

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