Genworth rallies after bondholder vote avoids ‘devastating risk’

March 21, 2016 by KATHERINE CHIGLINSKY

(Bloomberg) — Genworth Financial Inc. shares gained after bondholders agreed to changes sought by Chief Executive Officer Tom McInerney as he reshapes the insurer and seeks to rebound from losses on long-term care coverage.

Genworth Financial climbed 8.3 percent to $3.28 a share at 11:31 a.m. in New York. The Richmond, Virginia-based insurer announced the bondholder approval in a statement Monday.

McInerney has been seeking to divest assets and simplify the company after reporting reserve shortfalls tied to long-term care coverage, which pays for home-health aides and nursing home stays. Click HERE to read more…

Originally Posted at LifeHealthPro on March 21, 2016 by KATHERINE CHIGLINSKY.