Today Genworth Financial announced its intent to merge First Colony Life Insurance Company (FCL) into Genworth Life and Annuity Insurance Company (GLAIC) effective January 1, 2007. According to a written statement released by Senior Vice-President Paul Haley, Genworth is also preparing to file with the New York Insurance Department materials to request approval of the merger of American Mayflower Life Insurance Company of New York into Genworth Life Insurance Company of New York effective January 1, 2007. According to Paul Haley's written statement, the 8-K filing for the merger of First Colony Life into Genworth Life and Annuity Insurance Company with the SEC is complete and will be filed within the next few hours. The reasoning behind the proposed merger is to unify all of the companies under the Genworth umbrella under the same increasingly powerful brand name
In 2005, according to the annual report of Genworth Financial, Genworth was ranked #1 in:
United States Variable Annuity sales
Long Term Care Insurance sales
Global Mortgage Insurance
European Payment Protection Insurance
They were also ranked #2 in US Fixed Immediate Annuity sales and #4 in Term Life sales
Genworth, a spinoff from the old GE Financial Assurance group and, through its underwriting companies, is a substantial player in the structured settlement annuity market in addition to periodic payment assumption reinsurance.