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BUSINESS & TECH

China Oceanwide Wins Rare U.S. Approval to Buy U.S. Insurer

Genworth Financial's headquarters in Richmond, Virginia. Photo: IC
Genworth Financial's headquarters in Richmond, Virginia. Photo: IC

The U.S. regulator overseeing the impact of foreign investment on national security has given the green light for a private Chinese company’s acquisition of an American insurer, a rare nod by the Trump administration to an investment from China.

The Committee on Foreign Investment in the United States (CFIUS) has completed its review on the proposed takeover by China Oceanwide Holdings Group Co. Ltd. of Genworth Financial Inc. The panel has concluded that there are “no unresolved national security concerns” regarding the deal, the two companies said in a joint statement.

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