Genworth Life and Annuity Insurance Company is exploring certain restructuring transactions with respect to the life insurance policies currently reinsured by the company to River Lake Insurance Company III (RLIII).
As part of restructuring, Genworth Life and Annuity Insurance Company has requested the Virginia Bureau of Insurance to grant contingent approval to recapture the policies reinsured to RLIII.
Genworth Life and Annuity Insurance Company intends to pursue the restructuring transactions only if all required approvals are received, including from the Virginia Bureau of Insurance and other regulatory bodies.
As part of the restructuring transactions, Genworth Life Insurance Company, a wholly-owned indirect subsidiary of Genworth, is considering launching a cash tender offer to purchase the issued and outstanding INC Money Market Securities and INC Term Securities supported by surplus notes issued by RLIII.
Genworth Life and Annuity Insurance Company is licensed as a life insurer to do business in Bermuda , the District of Columbia and all states except for New York.