Symetra

Symetra is an American family of companies providing retirement plans, employee benefits, annuities and life insurance through independent distributors nationwide. The main headquarters of the company is located in Bellevue, Washington.

Not to be confused with Symmetra, a video game character.
Symetra
TypeSubsidiary
IndustryInsurance
FoundedBellevue, Washington (2004)
HeadquartersBellevue, Washington, United States
Key people
Randall Talbot Founder, Margaret Meister (CEO)
ProductsRetirement plans
Employee benefits
Annuities
Life insurance
RevenueUS$ 2.1 billion (2012)
US$ 205.4 million (2012)
Total assetsUS$ 29.5 billion (2012)
OwnerSumitomo Life
Number of employees
1,250
Websitewww.symetra.com

History

Started in 1957, Symetra Financial began as a subsidiary of Safeco.

In 1967, the total amount of insurance in force for Symetra surpassed the $1 billion mark. By 1995, the total assets had grown to $10 billion.

In 2004, Safeco sold its life insurance business to an investor group led by White Mountains Insurance Group and Berkshire Hathaway.[1]

Symetra Financial was acquired in 2016 by Japanese insurer Sumitomo Life for $3.8 billion.[2] The Japanese insurer was looking to expand its foothold on insurance especially as its Japanese market ages, increasing costs.[3]

In January 2020, Symetra Financial Corporation announced it established an investment subsidiary, Symetra Investment Management Company (SIM). Sumitomo Life, Symetra’s Japan-based parent company, completed its first $500 million investment through a corporate bond fund in December 2019. The standalone entity will focus on managing money for Symetra’s corporate parent and the Sumitomo Life Insurance Co to invest in US-based assets.[4][5]

Sponsorships

Symetra and Women’s All Pro Tour host the Symetra Tour, which is known as the “Road to LPGA.”[6][7] Symetra players can earn a promotion to the LPGA by through qualifying school, winning three events in one season, or finishing in the Top 10 on the Tour.[8]

Symetra Life Insurance is also the first founding partner and sponsor of Seattle’s National Hockey League (NHL) expansion franchise, the Seattle Kraken, which will begin playing in October 2021.[9]

In 2019, Symetra Life Insurance signed a 10-year marquee jersey badge sponsorship with the Seattle Storm WNBA team, the largest partnership in franchise history. The company negotiated a separate partnership with WNBA point guard Sue Bird, who appeared in a TV ad for the company’s “Jibber Jabber” campaign.[10]

References
  1. Virgin, Bill; Reporter, Seattle Post-Intelligencer (4 August 2004). "Safeco's former investment unit renamed Symetra". seattlepi.com.
  2. Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion" – via NYTimes.com.
  3. Bray, Chad (11 August 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion" – via NYTimes.com.
  4. January 14, Allison Bell; PM, 2020 at 01:08. "Symetra Forms Investment Management Unit". ThinkAdvisor.
  5. "Symetra Financial unit to manage US investments for Sumitomo Life - Reinsurance News". January 10, 2020.
  6. "Symetra Tour, Women's All Pro Tour team to further developmental path". 12 December 2018.
  7. "Meet the 2018 Symetra Tour graduates". 8 October 2018.
  8. DiVeronica, Jeff. "Symetra Tour players struggle to make ends meet". Rochester Democrat and Chronicle. Retrieved 2019-11-19.
  9. "Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor". The Seattle Times. 2019-06-24. Retrieved 2019-11-19.
  10. Glass, Alana (April 9, 2019). "Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal". Forbes.


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