Genworth's McInerney to retire

Tom McInerney, who led the insurance giant Genworth Financial through the financial turmoil of the long-term care insurance market and launched a new approach to the business, will retire at the end of the year.

McInerney, the company's president and chief executive officer, has led Genworth — which employs thousands of people in Virginia, including many in Lynchburg — for the past 14 years.

There have been years when insurers saw huge losses as claims from policyholders far outstripped the companies' projections when creating the coverage decades earlier.

Making sure there were enough funds to cover claims has meant insurers sought and won regulators' approval for steep increases in premiums.

Genworth, meanwhile, worked hard to see if options offering smaller premium increases in return for smaller benefits might help.

Unlike others in the insurance business, McInerney wanted to find a way to stay in the long-term care business.

It started with the company's 2023 push to offer the public access to its CareScout network of long-term care providers that agreed to meet tight quality standards and to offer care at pre-set prices. CareScout placed an emphasis on recruiting the home-based services that Genworth found many of its policyholders preferred.

The CareScout network became the core of a new long-term care insurance policy, the first new offering in years.

Unlike older, loss-making coverage, the CareScout policies set limits on the amount of coverage offered and the protection offered against inflation. Those limits are designed to be in line with the costs of home-based care, rather than costlier care in nursing homes.

"During his tenure, Genworth significantly strengthened its financial foundation, delivered substantial value to shareholders, and advanced a vision for the future of the company in CareScout," said Melina Higgins, chair of Genworth's board of directors.

The board plans to name Jerome Upton, currently Genworth's chief financial officer, as president and CEO succeeding McInereny. Angela Simmons, currently chief financial officer for the long-term care, life insurance and annuities Genworth no longer sells, will become executive vice president and chief financial officer.

Upton has been with the company and its predecessors since 1998 and has served as Genworth's CFO since March 2023.

Simmons has been with Genworth since 2002, with leadership roles in a variety of financial operations.

"I am very proud of the progress we have made together — from strengthening our financial position and returning capital to shareholders to addressing the challenges of our legacy long-term care business and launching CareScout," McInerney said.

"Jerome has been a trusted partner in this work, and I believe he, Angela, and the broader management team will continue to position Genworth for long-term success," he said.

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