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CORRECTED-UPDATE 1-Genworth considers strategic options, including going … : Long Term Care Insurance Network

CORRECTED-UPDATE 1-Genworth considers strategic options, including going …

By administrator | Apr 29, 2015

CORRECTED-UPDATE 1-Genworth considers strategic options, including going …
News from Reuters:

(Corrects headline, paragraphs 1 and 2 to say the company would be open to selling its long-term care insurance unit but has no plans to do so)

By Sudarshan Varadhan

April 29 (Reuters) – Life and mortgage insurer Genworth Financial Inc is considering going private and would be open to selling its long-term care insurance unit, among other strategic options, Chief Executive Tom McInerney said.

McInerney said that, although Genworth would be open to selling its long-term care insurance unit, it could be difficult to find a buyer. Asked whether a sale of this business is possible, he said: “We are open to that but I don’t put much weight on that being something that’d be viable some time soon.”

Genworth’s shares rose as much as 11 percent on Wednesday.

The company, which was valued at about $ 4 billion as of Tuesday, controls 30-35 percent of the U.S. long-term care market.

Several insurers have exited the long-term care business in the past few years, bringing down the number of companies offering these policies to less than 20 currently from about 100 in 2002.

… Read the full article
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