What You Need to Know
Genworth says it s already talking to potential LTCI business partners.
The company still wants to work with China Oceanwide to develop long-term care solutions for China.
The goal would be for the new products to have lower and more predictable risk.
Executives at Genworth Financial Inc. want to work with other companies to get back into the U.S. long-term care insurance (LTCI) market.
The Richmond, Virginia-based insurer also wants to team up with China Oceanwide Holdings Group Co. Ltd. a company that spent more than four years trying to acquire Genworth to sell long-term care (LTC) products in China.
Execs at Genworth Financial s mortgage insurance unit land sweeteners ahead of IPO
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Genworth Financial plans IPO for Raleigh-based mortgage insurance unit
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Inman Connect
One of the nation’s largest private mortgage insurers is considering spinning off that profitable business segment in an initial public offering (IPO), after throwing in the towel on a $2.7 billion merger that stalled for years.
Genworth Financial Inc. recently announced that it’s terminated a 2016 merger agreement with China Oceanwide Holdings Group Co. Ltd., which was reportedly hindered by data privacy concerns.
Based in Richmond, Virginia, Genworth Financial is an insurance holding company that also provides long-term care insurance. Although Genworth has been publicly traded since 2004, spinning off its mortgage insurance division in an IPO could help that business continue to grow, while allowing the parent company to further explore its options for providing long-term care insurance overseas, the company said.