Chinese firm to buy US insurance firm Genworth for $2.7 bn
Beijing-based China Oceanwide Holdings has agreed to buy New York-listed US insurance firm Genworth Financials for $2.7 billion, reports said. Genworth, founded in 1871, has nearly four million life insurance customers and also offers mortgage insurance products. Notably, Oceanwide chairman Lu Zhiqiang is China’s ninth richest man, with a net worth of 85 billion yuan ($12.5 billion).