Genworth opens $500M public stock offering

Genworth Financial Inc. yesterday kicked off a $500 million public stock offering of its Class A shares. The offering gives underwriters the option to buy up to 15% of that amount, if at least $500 million of the securities are sold. Genworth said that it will use net proceeds from the sale for general corporate purposes. The company joins fellow insurers Hartford Financial Services Co., Lincoln National Group and The Principal Financial Group, all of which have raised money this year through stock sales — and in Principal's case, an additional debt offering. Goldman Sachs & Co Inc., Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the joint book runners in Genworth's offering. In connection with the offering, the insurer also noted that chief executive Michael D. Fraizer has canceled a presentation at tomorrow's 2009 Barclays Capital Global Financial Services Conference in New York. Genworth spokesman Al Orendorff had no comment on the offering.