GE's new insurance unit files for IPO.General Electric Co., which said in late 2003 that it would reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its businesses to shrink its insurance operations, plans to sell about 30% of the equity of its life and mortgage insurance business through an initial public offering of the new subsidiary during the first half of 2004. Genworth Financial Genworth Financial is an international financial services organization that offers a portfolio of primarily consumer-focused products through its various companies, including annuities, combination products, investment services, life insurance, long term care insurance, medicare Inc., which contains nearly all of GE's life and mortgage insurance businesses, filed Jan. 20 with the U.S. Securities and Exchange Commission for the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of its Class A common stock. After it sells about 30% of its equity in Genworth through the IPO, GE plans to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its remaining interest in Genworth as soon as practicable practicable adj. when something can be done or performed. , the company said. Genworth is a new company formed to acquire all the assets and assume some liability of GE Financial Assurance Holding Inc. before the IPO is completed, the company said in the SEC filing. GE Financial Assurance includes a group of companies that provide life insurance, long-term-care insurance, group life and health insurance, annuities and other investment products, and U.S. mortgage insurance. |
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