Genworth Sells Wealth Management Unit

annuity think tankIn a continuing effort to narrow the carrier’s focus, Genworth Financial Inc. announced Thursday that it would sell its wealth management unit, Genworth Wealth Management, to Aquiline Capital Partners LLC and Genstar Capital LLC.  Over the past several years, executives at Genworth have been busy reshaping the organization in order to concentrate on its core businesses, particularly fixed annuities, life insurance, and long-term care.  Last year Cetera Financial Group purchased Genworth Financial Investment Services, its tax and accounting advisory unit.  As more and more insurers seek to raise capital in this low interest rate environment, sales of non-core divisions such as this will likely continue.

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