Genworth Financial Inc (GNW)

[80857]

To buy the existing block of business.
They are losing their tail on it.
Only hope for them is they can slide enough rate increase by the the state insurance departments that the long time policyholders drop it without suing them.

I sold it and they have embarrassed
me.
In Pa. If consumer drops contract
Due to extreme rate increase on policy issued after 2002 they have to
Provide a coverage up to premiums
Paid but no longer get premium revenue.
In addition the consumers aren't being informed of this option
Unless they lapse the coverage.
Genworth has no incentive to tell them.
So some will drop and later figure out if they would have paid and they increase rate again they could have gotten policy for premiums paid.

Going to be lots of issues.


In pa they filed for 85% rate increase this last year.