Genworth Financial Inc. believes it has a better chance than some other recent applicants at getting a deal approved by a secretive national security review agency, the Committee on Foreign Investment in the United States (CFIUS).
“We are encouraged by the progress we are making,” Genworth President Tom McInerney said in a statement about the CFIUS clearance process.
Genworth included McInerney’s statement in a CFIUS clearance status update it released Thursday.
China Oceanwide Holdings Group Co. has been trying to acquire the Richmond, Virginia-based insurer since October 2016.
Genworth has been a major issuer of life insurance, annuities and long-term care insurance. The company is also a major player in the mortgage insurance market.
Genworth and China Oceanwide have to get approvals from many regulatory agencies in the United States and in Asia. The companies have acknowledged withdrawing three deal applications filed with CFIUS.
CFIUS has rejected several proposed deals in recent months. Earlier this week, it rejected efforts by Ant Financial of China to acquire MoneyGram, based on concerns about protection of MoneyGram customers’ personal information.
In the past, Genworth has acknowledged in reports filed with the U.S. Securities and Exchange Commission that it has been working with third-party organizations on efforts to mitigate CFIUS concerns. Genworth has not described the CFIUS concerns. Observers’ belief that the CFIUS concerns relate to protection of customers’ personal information was based on speculation.