The firm was founded as The Life Insurance Company of Virginia in 1871, in
Petersburg, Virginia. Within a decade, the company expanded beyond the south and moved its headquarters to Richmond. Beginning with its first annuities business written in 1928, the company grew to offer products for
mortgage insurance, lifestyle protection, and
long-term care insurance. The company was incorporated as Genworth Financial, Inc. in 2003, GE sold its remaining stake in the company in February 2006 for $2.8 billion. In June 2006, the company agreed to buy AssetMark Investment Services for $230 million. In 2007, another GE Capital insurance company,
First Colony Life Insurance Company, merged with the company's life insurance division and became the surviving entity. In May 2007, the company sold its
employee benefits business to
Sun Life Financial. In July 2007, the company acquired Liberty Reverse Mortgage, a
reverse mortgage company, for $50 million. It sold the company to
Ocwen for $22 million in April 2013. In September 2007, the company sold its
wealth management unit to
private equity firms Aquiline Capital Partners and Genstar Capital Management for $412.5 million. In June 2009, Genworth MI Canada, its Canadian mortgage insurance subsidiary, completed an
initial public offering on the
Toronto Stock Exchange, raising $850 million. In June 2011, the company sold Continental Life Insurance, which provided
Medigap insurance policies, to
Aetna for $290 million. In September 2012, the company sold Genworth Financial Investment Services, its
financial adviser unit, to
Cetera Financial Group. In December 2012, Thomas McInerney was named CEO of the company. On April 1, 2013, Genworth announced the completion of a legal entity reorganization, creating a new holding company and separating the U.S. mortgage insurance subsidiaries. In December 2015, the company sold Genworth Lifestyle Protection Insurance to
Axa for €465 million. In January 2016,
Protective Life acquired parts of the company for $661 million. In February 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff. In June 2016, the company sold its term life insurance platform to
Pacific Life. In October 2016,
China Oceanwide Holdings Group agreed to buy the company for $2.7 billion. However, in April 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the acquisition. In May 2020, the company's Australian mortgage insurance division, now called
Helia, lost its contract with
National Australia Bank. In October 2020, Genworth MI Canada was renamed to Sagen MI Canada. In April 2021,
Brookfield Business Partners acquired all of the outstanding common shares of Sagen that it did not already own. In September 2021, the company completed the
initial public offering of Enact Holdings, its private mortgage insurance subsidiary. ==Legal issues==