Genworth Financial

The firm was founded as The Life Insurance Company of Virginia in 1871, in Petersburg, Virginia. Within a decade, the company expanded beyond the south and moved its headquarters to Richmond.{{cite web | url=https://virginiahistory.org/research/research-resources/finding-aids/life-insurance-company-virginia | title=Life Insurance Company of Virginia | work=Virginia Historical Society}}

Beginning with its first annuities business written in 1928, the company grew to offer products for mortgage insurance, lifestyle protection, and long-term care insurance.

In 1986, Life of Virginia was acquired by Combined Insurance for $557 million.

It became Aon in 1987. In 1996, Life of Virginia was acquired by GE Capital.{{cite news |url=https://www.nytimes.com/1995/12/27/business/ge-capital-to-acquire-an-insurer.html |title=GE Capital To Acquire An Insurer |first=Michael|last=Quint |work=The New York Times | date=December 27, 1995 | url-access=limited}}

The company was incorporated as Genworth Financial, Inc. in 2003, and it became a public company via an initial public offering in 2004.{{Cite news | url=https://www.wsj.com/articles/SB108549812788820708 | title=Genworth Goes Public In Year's Largest IPO | work=The Wall Street Journal | date=May 26, 2004 | url-access=subscription}}

GE sold its remaining stake in the company in February 2006 for $2.8 billion.{{cite news | url=https://www.nytimes.com/2006/02/28/business/ge-selling-28-billion-stake-in-insurer.html | title=G.E. Selling $2.8 Billion Stake in Insurer | agency=Bloomberg News | work=The New York Times | date=February 28, 2006 | url-access=limited}}{{Cite news | url=https://www.latimes.com/archives/la-xpm-2006-feb-28-fi-briefs28.1-story.html | title=GE to Sell Remaining Stake in Genworth | agency=Reuters | work=Los Angeles Times | date=February 28, 2006 | url-access=limited}}{{Cite news | url=https://www.nbcnews.com/id/wbna11589327 | title=G.E. to sell remaining stake in insurance unit | agency=Associated Press | work=NBC News | date=February 27, 2006}}

In June 2006, the company agreed to buy AssetMark Investment Services for $230 million.{{cite news | url=https://www.bizjournals.com/eastbay/stories/2006/06/26/daily49.html | title=Genworth Financial to buy Pleasant Hill firm | work=American City Business Journals | date=June 30, 2006 | url-access=subscription}}

In 2007, another GE Capital insurance company, First Colony Life Insurance Company, merged with the company's life insurance division and became the surviving entity.{{Cite web | url=https://scc.virginia.gov/getattachment/ad3ebc06-b682-4ffb-ada1-b46fd490c03e/65536-2018.pdf | title=EXAMINATION REPORT of GENWORTH LIFE AND ANNUITY | date=May 8, 2020}}

In May 2007, the company sold its employee benefits business to Sun Life Financial.{{Cite news | url=https://www.investmentexecutive.com/news/industry-news/sun-life-financial-completes-acquisition-of-genworths-employee-benefits-group/ | title=Sun Life Financial completes acquisition of Genworth's Employee benefits group | work=Investment Executive | date=May 31, 2007}}

In July 2007, the company acquired Liberty Reverse Mortgage, a reverse mortgage company, for $50 million.{{cite news | url=https://www.bizjournals.com/sacramento/stories/2007/07/16/daily49.html | title=Liberty Reverse Mortgage sells for $50M | first=Mark | last=Anderson | work=American City Business Journals | date=July 20, 2007 | url-access=subscription}} It sold the company to Ocwen for $22 million in April 2013.{{Cite news | url=https://www.bizjournals.com/sacramento/print-edition/2013/04/05/ocwen-buy-liberty-home-equity-sacramento.html | title=Ocwen buys Rancho Cordova-based Liberty Home Equity | first=Mark | last=Anderson | work=American City Business Journals | date=April 5, 2013 | url-access=subscription}}

In September 2007, the company sold its wealth management unit to private equity firms Aquiline Capital Partners and Genstar Capital Management for $412.5 million.{{Cite news | url=https://www.americanbanker.com/news/genworth-closes-sale-of-wealth-management-units | title=Genworth Closes Sale of Wealth Management Units |first=Sarah | last=Todd | work=American Banker | date=September 3, 2013}}{{Cite news | url=https://www.bizjournals.com/newyork/news/2013/09/03/aquiline-genstar-buy-genworth-wealth.html | title=Aquiline, Genstar buy Genworth Wealth Management for $412.5 million | work=American City Business Journals | date=September 4, 2013 | url-access=subscription}}

In June 2009, Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an initial public offering on the Toronto Stock Exchange, raising $850 million.{{Cite news | url=https://www.theglobeandmail.com/globe-investor/genworth-launches-massive-tsx-offering/article1199702/ | title=Genworth launches massive TSX offering |work=The Globe and Mail | date=June 30, 2009}}{{Cite news | url=https://www.reuters.com/article/genworth-ipo/update-1-genworth-canadian-unit-prices-ipo-idUKN2941179120090630 | title=Genworth Canadian unit prices IPO | first=Martinne | last=Geller | work=Reuters | date=June 29, 2009}}{{Cite press release | url=https://investor.sagen.ca/English/news/news-details/2009/Genworth-MI-Canada-Announces-Pricing-of-Initial-Public-Offering/default.aspx | title=Genworth MI Canada Announces Pricing of Initial Public Offering | publisher=Sagen | date=June 29, 2009}}

In June 2011, the company sold Continental Life Insurance, which provided Medigap insurance policies, to Aetna for $290 million.{{Cite news | url=https://www.nashvillepost.com/aetna-acquiring-brentwood-insurance-business/article_4dca13a7-8019-5181-a5e3-288bd5d43a45.html | title=Aetna acquiring Brentwood insurance business | first=ERIN | last=LAWLEY | work=Nashville Post | date=June 13, 2011}}{{Cite news | url=https://www.bizjournals.com/nashville/news/2011/06/13/aetna-to-buy-brentwoods-continental.html | title=Aetna to buy Brentwood's Continental Life for $290 million | work=American City Business Journals | date=June 13, 2011 | url-access=subscription}}{{Cite news | url=https://www.reuters.com/article/us-aetna/aetna-to-buy-genworths-medicare-supplement-business-idUSTRE75C2IU20110613 | title=Aetna to buy Genworth's Medicare supplement business | first=Anand | last=Basu | work=Reuters | date=June 13, 2011}}{{Cite news | url=https://www.deseret.com/2011/6/13/20197818/aetna-buys-genworth-financial-business-for-290-million | title=Aetna buys Genworth Financial business for $290 million | agency=Associated Press | work=Deseret News | date=June 13, 2011}}

In September 2012, the company sold Genworth Financial Investment Services, its financial adviser unit, to Cetera Financial Group.{{Cite news | url=https://www.investmentnews.com/cetera-closes-deal-for-genworth-43348 | title=Cetera Financial Group completed the acquisition of Genworth Financial Investment Services yesterday. | work=Investment News | date=September 4, 2012}}

In December 2012, Thomas McInerney was named CEO of the company.{{Cite news | url=https://www.reuters.com/article/genworth-ceo-idCNL4N09L4DG20121211 | title=Genworth names Thomas McInerney CEO | work=Reuters | date=December 11, 2012}}{{Cite press release | url=https://www.prnewswire.com/news-releases/genworth-financial-names-thomas-j-mcinerney-president-and-chief-executive-officer-182971931.html | title=Genworth Financial Names Thomas J. McInerney President and Chief Executive Officer | publisher=PR Newswire | date=December 11, 2012}}

On April 1, 2013, Genworth announced the completion of a legal entity reorganization, creating a new holding company and separating the U.S. mortgage insurance subsidiaries.{{Cite press release | url=https://www.businesswire.com/news/home/20130524005601/en/A.M.-Best-Revises-Outlook-to-Stable-for-Genworth-Financial-Inc.-and-Its-Key-LifeHealth-Subsidiaries | title=A.M. Best Revises Outlook to Stable for Genworth Financial, Inc. and Its Key Life/Health Subsidiaries | publisher=Business Wire | date=May 24, 2013}}

In December 2015, the company sold Genworth Lifestyle Protection Insurance to Axa for €465 million.{{Cite press release | url=https://www.axa.com/en/press/press-releases/acquisition-genworth-lifestyle | title=AXA has completed the acquisition of Genworth Lifestyle Protection Insurance | publisher=Axa | date=December 2, 2015}}

In January 2016, Protective Life acquired parts of the company for $661 million.{{Cite press release | url=https://www.businesswire.com/news/home/20160115005848/en/Protective-Closes-Acquisition-of-Blocks-of-Business-from-Genworth | title=Protective Closes Acquisition of Blocks of Business from Genworth | publisher=Business Wire | date=January 15, 2016}}{{Cite news | url=https://www.bizjournals.com/birmingham/news/2015/10/01/protective-life-acquires-parts-of-virginia-based.html | title=Protective Life acquires parts of Virginia-based insurance company for $661M | first=Alan | last=Alexander | work=American City Business Journals | date=October 1, 2015 | url-access=subscription}}

In February 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff.{{Cite news | url=https://www.newsadvance.com/business/genworth-suspends-life-insurance-sales-plans-restructuring/article_03119780-cba8-11e5-9869-ebfbcbb424e2.html | title=Genworth suspends life insurance sales, plans restructuring | work=Richmond Times-Dispatch | agency=Bloomberg News | date=February 4, 2016}}{{Cite news | url=https://www.bloomberg.com/news/articles/2016-02-04/genworth-halts-life-insurance-annuity-sales-after-posting-loss | title=Genworth Halts Life, Annuity Sales After Loss; Shares Fall | first=Katherine | last=Chiglinsky | work=Bloomberg News | date=February 4, 2016 | url-access=limited}}

In June 2016, the company sold its term life insurance platform to Pacific Life.{{Cite press release | url=https://www.businesswire.com/news/home/20160624005774/en/Pacific-Life-Completes-Acquisition-of-Term-Life-New-Business-Platform-from-Genworth-Financial | title=Pacific Life Completes Acquisition of Term Life New Business Platform from Genworth Financial | publisher=Business Wire | date=June 24, 2016}}

In October 2016, China Oceanwide Holdings Group agreed to buy the company for $2.7 billion.{{cite news | last=Carew | first=Rick | title=China Oceanwide Consortium Clinches Deal to Buy International Data Group | work=The Wall Street Journal| url=https://www.wsj.com/articles/china-oceanwide-consortium-clinches-deal-to-buy-international-data-group-1484883893 | date=January 19, 2017 | url-access=subscription}}{{Cite press release | url=https://www.sec.gov/Archives/edgar/data/1276520/000119312516744407/d275076dex991.htm | title=China Oceanwide To Acquire Genworth Financial | publisher=U.S. Securities and Exchange Commission | date=October 23, 2016}} However, in April 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the acquisition.{{Cite news | url=https://www.reuters.com/article/us-genworth-fincl-m-a-china-oceanwide/insurer-genworth-terminates-2-7-billion-buyout-deal-with-china-oceanwide-idUSKBN2BT2UK | title=Insurer Genworth terminates $2.7 billion buyout deal with China Oceanwide | first=Munsif | last=Vengattil | work=Reuters | date=April 6, 2021}}{{Cite press release | url=https://www.prnewswire.com/news-releases/genworth-announces-termination-of-merger-agreement-with-oceanwide-301263500.html | title=Genworth Announces Termination of Merger Agreement with Oceanwide | publisher=PR Newswire | date=April 6, 2021}}{{Cite news | url=https://www.wtvr.com/news/local-news/genworth-financial-pulls-plug-on-its-acquisition-by-china-oceanwide | title=Why Genworth Financial pulled plug on acquisition by China Oceanwide | agency=Associated Press | work=WTVR-TV | date=April 7, 2021}}

In May 2020, the company's Australian mortgage insurance division, now called Helia, lost its contract with National Australia Bank.{{Cite news | title=Genworth loses NAB insurance contract to QBE | url=https://www.smh.com.au/business/banking-and-finance/genworth-loses-nab-insurance-contract-to-qbe-20200520-p54ut5.html | first=Clancy | last=Yeates | work=The Sydney Morning Herald | date=May 20, 2020}}

In October 2020, Genworth MI Canada was renamed to Sagen MI Canada. In April 2021, Brookfield Business Partners acquired all of the outstanding common shares of Sagen that it did not already own.{{cite news |title=Brookfield to acquire mortgage lender Genworth/Sagen |url=https://renx.ca/brookfield-acquire-mortgage-lender-genworth-sagen/|publisher=The Real Estate News Exchange | date=October 26, 2020}}{{cite press release |title=Sagen MI Canada Inc. and Brookfield Business Partners L.P. Announce Closing of Arrangement Transaction |url=https://www.newswire.ca/news-releases/sagen-mi-canada-inc-and-brookfield-business-partners-l-p-announce-closing-of-arrangement-transaction-863703760.html | website=Cision | publisher=CNW Group Ltd. | date=April 1, 2021}}

In September 2021, the company completed the initial public offering of Enact Holdings, its private mortgage insurance subsidiary.{{Cite press release | url=https://www.prnewswire.com/news-releases/genworth-financial-announces-completion-of-the-ipo-of-enact-holdings-inc-301380813.html | title=Genworth Financial Announces Completion of the IPO of Enact Holdings, Inc.| publisher=PR Newswire | date=September 20, 2021}}{{Cite news | url=https://www.reuters.com/article/enact-holdings-ipo/genworths-enact-valued-at-3-26-billion-as-share-rise-in-nasdaq-debut-idUSKBN2GC1UB | title=Genworth's Enact valued at $3.26 billion as share rise in Nasdaq debut | first=Sohini | last=Podder | work=Reuters | date=September 16, 2021}}

In March 2016, the company settled shareholder lawsuits for $219 million. The lawsuit alleged that Genworth and its management made false statements between October 30, 2013 and November 5, 2014 as the company had assured investors that the reserves it had set aside to cover long-term care claims were adequate. However the company had to take a $531 million charge to shore up its long-term care business, leading to a substantial drop in the price of Genworth's securities.{{cite press release | url=https://www.prnewswire.com/news-releases/aimco-secures-219-million-recovery-in-genworth-571964161.html | title=AIMCo Secures $219 Million Recovery in Genworth | publisher=PR Newswire | date=March 14, 2016}}

In October 2022, the company paid $25 million to policyholders to settle a class action lawsuit alleging that premium increases of 40% to 140% were excessive and unlawful.{{Cite news | url=https://richmond.com/news/state-and-regional/genworth-settles-class-action-suit-over-steep-universal-life-increases/article_437ffacc-a135-5e9c-930c-6c9adc5466f6.html | title=Genworth settles class action suit over steep universal life increases | first=David | last=Ress | work=Richmond Times-Dispatch | date=October 18, 2022}}

On June 6, 2023, third-party vendor to Genworth, PBI Research Services, reported a vulnerability with their MOVEit Transfer software.{{Cite web |last=MarketScreener |date=2023-06-22 |title=MOVEit hack claims Calpers and Genworth as millions more victims impacted -June 22, 2023 at 05:11 pm EDT {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/GENWORTH-FINANCIAL-INC-12801/news/MOVEit-hack-claims-Calpers-and-Genworth-as-millions-more-victims-impacted-44172800/ |access-date=2023-11-22 |website=www.marketscreener.com |language=en}} The vulnerability resulted in a Russian-linked extortion group, named 'C|0p',{{Cite web |last=Bell |first=Allison |title=Genworth Sued Over Personal Data Exposed in MOVEit Hack |url=https://www.thinkadvisor.com/2023/08/31/genworth-sued-over-personal-data-exposed-in-moveit-hack/ |access-date=2023-11-22 |website=ThinkAdvisor |language=en}} gaining unlawful access to private data. Whilst PBI Research Services did report the vunlnerability, the company was criticised for not revealing the scope of the hack sooner.{{Cite web |title=CalPERS, CalSTRS, Genworth Among Those Affected by MOVEit Data Breach {{!}} Chief Investment Officer |url=https://www.ai-cio.com/news/calpers-calstrs-genworth-among-those-affected-by-moveit-data-breach/ |access-date=2023-11-22 |website=www.ai-cio.com}} The software is used to track deaths of its member organisations so that payments can be issued to the relevant beneficiaries. Whilst a number of state and federal organisations were affected by the hack, between 2.5-2.7 million customers of Genworth Financial had their private data downloaded; including first and last name, date of birth and social security number.{{Cite web |last=Schwartz |first=Mathew J. |date=June 23, 2023 |title=MOVEit Hacks: Data Breach Victim Count Grows by Millions |url=https://www.bankinfosecurity.com/moveit-hacks-data-breach-victim-count-grows-by-millions-a-22362 |access-date=2023-11-22 |website=www.bankinfosecurity.com |language=en}}{{Cite web |last=RESS |first=DAVE |date=2023-06-23 |title=Russian hackers expose information of 2.5 million Genworth customers |url=https://richmond.com/localbusinesses/russian-hackers-expose-information-of-2-5-million-genworth-customers/article_b885db3c-11f3-11ee-9235-67f417be907e.html |access-date=2023-11-22 |website=Richmond Times-Dispatch |language=en}} On June 22, 2023, Genworth filed a report with the Securities and Exchange Commission regarding the data breach.{{Cite web |title=Genworth Financial Confirms 2.5 Million Customers Affected by MOVEit Data Breach |url=https://www.jdsupra.com/legalnews/genworth-financial-confirms-2-5-million-4854918/ |access-date=2023-11-22 |website=JD Supra |language=en}}

{{Reflist}}

• {{Official website|https://www.genworth.com/}}

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Category:2004 initial public offerings

Category:Companies based in Richmond, Virginia

Category:Companies listed on the New York Stock Exchange

Category:Corporate spin-offs

Category:Financial services companies of the United States

Category:Financial services companies established in 2004

Category:Life insurance companies of the United States