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$2.7B Genworth acquisition is on hold
Deal is frozen; Genworth looks to possible IPO of mortgage insurance business
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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 frequently postponed
Hilb Group announces third December acquisition
Henrico County insurance company buys Plan Benefit Services Inc.
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In its third acquisition announcement this week, Henrico County-based insurance company The Hilb Group LLC (THG) has acquired Lexington County, South Carolina-based employee benefits consulting, management and brokerage firm Plan Benefit Services Inc. (PBSI), effective Dec. 1. Financial details of the acquisition were not disclosed. Founded in 1986, PBSI provides employee benefits, retiree benefits, individual
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The Hilb Group makes second December acquisition
Henrico County insurance company acquires William H. Connolly & Co. LLC
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In its second acquisition announcement this week, Henrico County-based insurance company The Hilb Group LLC (THG) has acquired Montclair, New Jersey-based insurance and risk management brokerage William H. Connolly & Co. LLC (WHC), effective Dec. 1. Financial details of the acquisition were not disclosed. Founded in 1950 by William H. Connolly Sr., WHC was owned
Mutual Assurance Society of Va. names VP innovation, marketing
Mark Crutcher joins Richmond-based insurance company
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Richmond-based Mutual Assurance Society of Virginia announced Tuesday that it has named Mark Crutcher as its inaugural vice president of innovation and marketing. Crutcher most recently was a senior product manager with Safe Auto and had previously served as Lititz Mutual’s vice president of marketing, underwriting and product development. “Mutual Assurance’s goal is to embrace
Long-delayed Genworth acquisition postponed again
Acquisition by China-based Oceanwide Holdings Group delayed until Dec. 31
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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 forward on the
The Hilb Group acquires Md.-based insurance company
Henrico County company makes 12th acquisition in 12 months
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Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday it acquired Annapolis, Maryland-based Insurance Solutions (ISI), effective Oct. 1. Transaction details were not disclosed. This marks THG’s 12th acquisition within the past year. Founded in 1989, ISI is a full-service employee benefits agency specializing in health, dental, life and disability benefits. As part
Genworth’s $2.7B acquisition by Chinese company faces new hurdle
Oceanwide Holdings reaches capital agreement, but not all terms, conditions met
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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
The Hilb Group acquires Ct.-based insurance company
Henrico County company buys Ganim Group Inc.
Published
Henrico County-based insurance company The Hilb Group LLC (THG) announced Tuesday it has acquired Shelton, Connecticut-based Ganim Group Inc. (Ganim Benefits) from investment advisory company Ganim Financial Inc. Transaction details were not disclosed. This marks THG’s 11th acquisition within the past year. Ganim Benefits provides employee benefits insurance, including group medical and dental. Ganim Benefits’
Genworth to move forward on $2.7B acquisition by Chinese company
Companies look to close transaction by Sept. 30
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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
SCC names head of Va. Health Benefit Exchange
Victoria I. Savoy joins new state-based health insurance exchange
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The State Corporation Commission (SCC) announced Monday it has appointed Victoria I. Savoy to direct the Virginia Health Benefit Exchange — a new state-based health insurance exchange for individuals and small businesses set to start later this year. The Virginia Health Benefit Exchange was established by the 2020 Virginia General Assembly to operate as a new