PacLife in talks to buy Genworth term-life platform, office

April 26, 2016 by Katherine Chiglinsky

(Bloomberg) — Pacific Life Insurance Co. is considering an acquisition of Genworth Financial Inc.’s term-life platform for new policies as the firm seeks to gain technology that would help bolster its market position.

Both companies are conducting due diligence, and a final decision on a deal hasn’t been reached, Newport Beach, California-based PacLife said Monday in a statement.

PacLife is working to build its life operation as competitors retreat. Genworth Chief Executive Officer Tom McInerney has sold businesses to simplify the insurer after suffering losses on its long-term care coverage, which pays for home health aides and nursing home stays.

Originally Posted at LifeHealthPro on April 26, 2016 by Katherine Chiglinsky.