Genworth Financial Inc. said Thursday that it had gotten a subpoena from the Securities and Exchange Commission seeking documents relating to “certain loss mitigation insurance products.”
The Richmond, Va., insurer said it understands that a number of other insurance and reinsurance companies have gotten similar SEC subpoenas and added that it intends to cooperate fully with the SEC.
Genworth did an initial review of its reinsurance arrangements early in the fourth quarter and found no issues of concern, it said. In light of recent market events, the evolving nature of insurance industry examinations, and the subpoena, Genworth said, it will continue its review.
Genworth is an insurance holding company with 15 million customers for its lifestyle protection, retirement income, investment, and mortgage insurance products. Risks to its business include the recent separation from General Electric Co., it said, and the consequent loss of benefits associated with GE’s brand and reputation.
