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Finance | Insurance 2023: THOMAS J. McINERNEY
The leader of a Fortune 500 insurance company, McInerney has come a long way since his first job as a newspaper carrier at age 12. Genworth, which provides life, mortgage and long-term care insurance, posted 2022 revenue of $7.5 billion, down from $7.83 billion in 2021 and $8.65 billion in 2020. In June, Genworth acknowledged […]
December 2022 Top Five
The top five most-read daily news stories on VirginiaBusiness.com from Oct. 14 to Nov. 14 included an announcement of the acquisition of Charlottesville-based WillowTree Inc., which was founded in 2008 as a mobile app developer. 1 | Something in the Water will return to Va. Beach in 2023 Music superstar Pharrell Williams announced his […]
Virginia companies weigh office returns
Many companies in Virginia are taking a flexible approach on whether employees must return to work in offices or continue working remotely or via hybrid models. For instance, Capital One Financial Corp., the McLean-based credit card company, is planning to reopen its U.S. offices in a hybrid model on Sept. 6. Capital One delayed its […]
Genworth completes IPO for mortgage insurance subsidiary
Henrico County-based Fortune 500 insurer Genworth Financial Inc. completed the once-delayed initial public offering of its mortgage insurance subsidiary, Raleigh, North Carolina-based Enact Holdings Inc., it announced Monday. Between the IPO and a private sale of shares, Genworth received aggregate net proceeds of about $535 million after underwriters’ fees but before other expenses. Genwort[...]
Genworth launches IPO for mortgage insurance subsidiary
Nearly five months after it was first announced, Henrico County-based Fortune 500 insurer Genworth Financial Inc. on Monday launched an initial public offering for its private mortgage insurance subsidiary, Raleigh, North Carolina-based Enact Holdings Inc. Genworth Holdings Inc. (GHI), a wholly owned subsidiary of Genworth Financial, is offering 13.31 million shares of common stock in […]
Genworth files for mortgage insurance biz IPO
Henrico County-based Fortune 500 insurer Genworth Financial Inc. filed paperwork with the U.S. Securities and Exchange Commission Monday for a proposed initial public offering of the company’s mortgage insurance business. J.P. Morgan and Goldman Sachs & Co. LLC will serve as joint book-running managers for the proposed offering of Genworth Mortgage Holdings Inc. (GMHI), a […]
Genworth kills long-delayed $2.7B acquisition
Henrico County-based Fortune 500 insurer Genworth Financial Inc. announced Tuesday that it has formally terminated its long-delayed $2.7 billion acquisition by China-based Oceanwide Holdings Group Co. Ltd. The news follows a Jan. 5 announcement by Genworth that it was putting a hold on the deal, first announced in 2016. At the same time, the company […]
Genworth notifies employees of job cuts
Henrico County-based Genworth Financial Inc. has notified some employees of job cuts, a company spokesperson confirmed Wednesday. The job cuts come on the heels of the company’s Jan. 4 announcement that its planned $2.7 billion acquisition by China-based Oceanwide Holdings Group Co. Ltd. has been frozen. Company spokesperson Julie Westermann declined to share the number […]
$2.7B Genworth acquisition is on hold
UPDATED JAN. 5 Henrico County-based Genworth Financial Inc.’s planned $2.7 billion acquisition by China-based Oceanwide Holdings Group Co. Ltd. has been frozen. In late November, the companies announced that Oceanwide’s acquisition of the Fortune 500 insurance company had been reapproved by China’s National Development and Reform Commission, and the acquisition, which has been fr[...]
Long-delayed Genworth acquisition postponed again
Henrico-based Genworth Financial Inc. and China-based Oceanwide Holdings Group Co. Ltd. announced on Monday that Oceanside’s long-delayed $2.7 billion acquisition of Genworth has been reapproved by China’s National Development and Reform Commission, and the acquisition has been postponed until the end of December. With the Chinese government’s reapproval, Oceanwide will now move [...]
Genworth’s $2.7B acquisition by Chinese company faces new hurdle
Henrico County-based Genworth Financial Inc. announced Thursday that China-based Oceanwide Holdings Group Co. Ltd. has reached an agreement with Hony Capital on the commercial terms and conditions of its $1.8 billion offshore financing plan to complete its acquisition of Genworth. However, Oceanwide has not reached a final agreement on all terms and conditions due to […]
Genworth to move forward on $2.7B acquisition by Chinese company
Henrico County-based Genworth Financial Inc. announced Monday that it does not intend to exercise its right to terminate the $2.7 billion merger agreement with China-based Oceanwide Holdings Group Co. Ltd. as of Aug. 31. According to a statement from Genworth, the insurance company’s board of directors and management team determined that Oceanwide provided satisfactory information […]
