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Insurer Consolidates Life Subs

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Genworth Financial Inc. is folding 3 of its subsidiaries into other Genworth subsidiaries.

Genworth, Richmond, Va., will merge First Colony Life Insurance Company and Federal Home Life Insurance Company with Genworth Life and Annuity Insurance Company Jan. 1, 2007, Genworth says.

Genworth also will merge American Mayflower Life Insurance Company of New York with Genworth Life Insurance Company of New York, Genworth says.

“The changes do not affect terms and conditions of policies and contracts,” Genworth says. “All administrative and billing procedures currently in place are also unaffected.”