Genworth Financial Inc., based in Richmond, Va., specializes in life and mortgage insurance. It also offers annuities, long-term care insurance, and lifestyle-protection insurance.
Hit hard by the financial crisis in 2008, the company acquired InterBank, a four-branch community bank in Minnesota, with the aim of converting to a savings and loan, in order to gain access to a potential government investment under the federal bailout. But Genworth missed a deadline to participate in Treasury Department's Troubled Asset Relief Program. The company's stock price has since been rebounding and Genworth recently raised more than $700 million by selling in minority stake in its Canadian mortgage insurance business in an initial public offering.
The company had been spun off from General Electric in 2004 and many of its top executives have the GE pedigree. Also in 2004, the company sponsored Donald Trump's The Apprentice and CEO Michael Fraizer, a product of GE's legendary management training, made an appearance on the show.