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December 22, 2022

Symetra

Working with regulators in the U.S., Japan and Bermuda, Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance, announced that it had established Symetra Bermuda Re Ltd. to reinsure certain risks of Symetra Life Insurance Company, a subsidiary of Symetra Financial Corporation. Symetra Bermuda Re is registered with the Bermuda Monetary Authority as a Class C insurer. On Dec. 20, 2022, Symetra Bermuda Re completed its first reinsurance transaction, reinsuring an 80% quota share of fixed deferred and fixed indexed annuities issued by Symetra Life on and after Jan. 1, 2022. Symetra will increase staffing and operations in both the U.S. and Bermuda to support the newly formed entity. Marsh Management Services (Bermuda) Ltd. will provide insurance management services and compliance support. Symetra Investment Management Company, a registered investment advisor, will act as asset manager for Symetra Bermuda Re's investment portfolio. In business since 1957, Symetra Financial Corporation is a diversified financial services company based in Bellevue.




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