Genworth shows $8.3 billion in captive reserves

January 6, 2014 by Zachary Tracer

(Bloomberg) — Genworth Financial Inc. (NYSE:GNW) said U.S. and Bermuda-based affiliates assumed about $8.3 billion of reserves from its main units at the end of 2012.

Genworth, the largest seller of private long-term care insurance (LTCI) coverage, disclosed correspondence with the U.S. Securities and Exchange Commission (SEC).

The Richmond, Va.-based company said it would probably face increased costs and the need to curb sales of some products if it were required to stop using reinsurance subsidiaries, known as captives, to build reserves. Click here to read…

Originally Posted at LifeHealthPro on January 6, 2013 by Zachary Tracer.