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Genworth completes IPO for mortgage insurance subsidiary
Genworth reaps $535M in proceeds
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. Genworth Holdings
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Genworth launches IPO for mortgage insurance subsidiary
N.C.-based Enact Holdings Inc. will trade on Nasdaq under 'ACT'
Published
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
The Hilb Group acquires Medicare-focused firm, six Va. companies
Henrico County insurance company adds to its more than 100 acquisitions
Published
Henrico-County based insurance company The Hilb Group LLC finalized its acquisition of Health Quote of Rhode Island Inc. on July 1, it announced Tuesday. Financial terms of the transaction were not disclosed. Health Quote specializes in Medicare offerings, and its clientele will join THG’s Medicare practice. THG CEO Ricky Spiro said in a statement, “Our
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Henrico-based The Hilb Group announces four acquisitions
Fast-growing insurance company now has 100+ offices in 22 states
Published
Henrico County-based insurance company The Hilb Group LLC (THG) announced a series of acquisitions in the last three weeks, bringing its total offices to more than 100 in 22 states. The company has been focused on acquisitions in recent years. Founded in 2009, THG has been a portfolio company of Washington, D.C.-based investment management company
Genworth files for mortgage insurance biz IPO
Genworth Mortgage Holdings Inc. subsidiary may go public by mid-summer
Published
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
Acquisition by China's Oceanwide Holdings Group had been pending since 2016
Published
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
The Hilb Group acquires Medicare-focused firm
Henrico County insurance company buys Compass Planners
Published
Henrico County-based insurance company The Hilb Group LLC announced Tuesday it has acquired West Greenwich, Rhode Island-based Compass Planners (CP). Financial terms of the transaction were not disclosed. Led by Jim Soucy, CP is an insurance company that specializes in Medicare Advantage. Soucy and his three colleagues will join THG’s Cranston, Rhode Island office. Soucy
Va. Beach insurance company names president, VP
Zack Brandau, Will Russell promoted at Core Assurance
Published
Virginia Beach-based insurance company Core Assurance Partners Inc. announced Tuesday that Zack Brandau has been named as president and Will Russell has been named as vice president. Brandau, a founding principal of the firm, will oversee the firm’s daily operations and growth initiatives. He succeeds Doug Russell, who had served as president since 2017. Brandau
The Hilb Group makes third acquisition announcement of 2021
Henrico County insurance company buys Rampart Brokerage Corp. & Affiliates
Published
Henrico County-based insurance company The Hilb Group LLC made its third acquisition announcement of the year, with the purchase of Lake Success, New York-based Rampart Brokerage Corp. & Affiliates. Financial details of the acquisition were not disclosed. Founded 55 years ago, Rampart Brokerage Corp. and Affiliates (RBC) employs nearly 200 people and serves as a
Genworth notifies employees of job cuts
Eliminations come at heels of frozen acquisition by Oceanwide
Published
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