Genworth Financial has named Jerome Upton (pictured, center) as its next chief executive, following the retirement of Tom McInerney (pictured, left) at the end of the year after 14 years leading the company.
Upton, who has served as chief financial officer since March 2023, is expected to be appointed to the board alongside his promotion. Angela Simmons (pictured, right), CFO of Genworth’s closed block, is expected to become executive vice president and CFO.
“The Board is confident that Jerome will carry this strong progress forward,” said Melina Higgins, Genworth’s board chair, citing McInerney’s work strengthening the company’s financial foundation, returning capital to shareholders and advancing its CareScout care services business.
McInerney’s 14-year tenure was dominated by Genworth’s legacy long-term care book, one of the largest in the US. Like many LTC insurers of that generation, Genworth underestimated policyholder longevity, persistency and care costs, leading to years of losses and repeated requests to state regulators for premium increases on older policies.
The closed block - which Simmons has overseen as CFO since 2020 - includes these legacy policies. Genworth said she played an important role in keeping it self-sustaining, meaning it no longer requires support from the rest of the company.
Upton brings deep institutional knowledge to the role, having been with Genworth and its predecessors since 1998 across finance and operations positions in multiple businesses and regions.
“I look forward to building on the strong foundation we established under Tom’s leadership, executing our strategy with discipline, and working every day to create long-term value for our customers, shareholders, and associates,” Upton said.
For advisors with clients holding Genworth long-term care policies, an internal succession points to continuity in how the company manages the legacy book, including its approach to premium increases and benefit reduction options. Policyholders facing large increases often need help weighing whether to pay more, reduce benefits or accept a paid-up option - and that conversation remains as relevant as ever under new leadership.
For the wider LTC market, Genworth’s experience remains a cautionary tale about pricing long-tail health risks. New entrants, including Genworth’s own CareScout, are designing products with more conservative assumptions. Advisors should help clients understand how these newer products differ from legacy policies before purchase.
