RICHMOND, Va., Dec. 20 /PRNewswire-FirstCall/ -- Senior Financial, Inc.
("Senior Financial"), a wholly owned venture investment subsidiary of Genworth
Financial, Inc. ("Genworth") (NYSE: GNW), announced today that it has entered
into an agreement to become a minority shareholder in Institutional Life
Services, LLC ("ILS"), a joint venture of The Goldman Sachs Group, Inc.
("Goldman Sachs") and National Financial Partners Corp. ("NFP") (NYSE: NFP).
Previously announced by NFP and the Longevity Markets Group at Goldman
Sachs in September 2007, ILS is being formed to create the leading
institutional marketplace for the settlement of life insurance policies. The
new company will bring together high quality recognized institutional
investors and seller representatives to engage in life settlements
transactions adhering to uniform high standards of practice, including
transparency in the bidding process, disclosure of all intermediary
compensation and protection of personal identifying information.
Under the terms of the agreement, Genworth Institutional Life Settlements,
Inc., a subsidiary of Senior Financial, will have a 10% ownership interest in
ILS and will hold one seat on the Board of Directors of ILS. GS Re Holdings,
Inc., a subsidiary of Goldman Sachs, and NFP Life Services, LLC, a subsidiary
of NFP, will each have a 45% ownership interest in ILS.
"This opportunity is an extension of our strategy to provide senior market
consumers new products that provide liquidity, retirement income and enable
their retirement safety net," said Cheryl Whaley, chief executive officer of
Senior Financial. "Our involvement with ILS will allow Genworth to help set
the market standard for compliant, transparent, consumer friendly life
"This unique combination of partners will allow ILS the opportunity to
create the leading institutional marketplace for the settlement and servicing
of life insurance policies," said Jessica Bibliowicz, president and chief
executive officer of NFP. "Genworth has long been an important partner of NFP
in life insurance and other financial products and we look forward to building
a successful company that sets high standards in this marketplace."
ILS is expected to launch at the end of the first quarter of 2008.
About Genworth Financial, Inc.
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500
global financial security company. Genworth has more than $110 billion in
assets and employs approximately 7,000 people worldwide. Its products and
services help meet the investment, protection, retirement and lifestyle needs
of over 15 million customers in more than 25 countries. Genworth operates
through three segments: Retirement and Protection, International and U.S.
Mortgage Insurance. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit Genworth.com.
About National Financial Partners Corp.
Founded in 1998, NFP is a leading independent distributor of financial
services products to high net worth individuals and entrepreneurial companies.
NFP is headquartered in New York and operates a distribution network of over
180 firms. For more information, please visit www.nfp.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to our plans,
objectives, expectations and intentions and other statements contained in this
release that are not historical facts as well as statements identified by
words such as "expects," "anticipates," "intends," plans," "believes,"
"seeks," "estimates," or words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of which are
beyond our control. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors.
SOURCE Genworth Financial, Inc.
both of Genworth Financial, Inc.