S&P: Genworth Financial unaffected

Standard & Poor's said that Genworth Financial Inc.'s (A/stable/A-1) announced merger of its three life insurance companies into existing Genworth named insurance companies will not have any impact on the ratings on these companies as they have been considered core operating companies of Genworth and continue to be so.

The consolidations are a continuation of Genworth's multi year effort to re-brand its legal entities with the Genworth name and simplify its corporate structure, the agency added.

As of Jan. 1, First Colony Life Insurance Co. and Federal Home Life Insurance Co. will merge into Genworth Life and Annuity Insurance Co. American Mayflower Life Insurance Co. of New York will merge into Genworth Life Insurance Co. of New York, according to S&P.

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