Symetra
Symetra is a United States-based 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.
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![]() Symetra headquarters building in Bellevue, Washington | |
Subsidiary | |
ISIN | US87151Q1067 ![]() |
Industry | Insurance |
Founded | Bellevue, Washington (2004) |
Headquarters | Bellevue, Washington, United States |
Key people | Randall Talbot Founder, Margaret Meister (CEO) |
Products | Retirement plans Employee benefits Annuities Life insurance |
Revenue | US$ 2.1 billion (2012) |
US$ 205.4 million (2012) | |
Total assets | US$ 29.5 billion (2012) |
Owner | Sumitomo Life |
Number of employees | 1,250 |
Website | www.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, 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
- Virgin, Bill; Reporter, Seattle Post-Intelligencer (4 August 2004). "Safeco's former investment unit renamed Symetra". seattlepi.com.
- Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion" – via NYTimes.com.
- Bray, Chad (11 August 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion" – via NYTimes.com.
- January 14, Allison Bell |; PM, 2020 at 01:08. "Symetra Forms Investment Management Unit". ThinkAdvisor.CS1 maint: extra punctuation (link)
- "Symetra Financial unit to manage US investments for Sumitomo Life - Reinsurance News". January 10, 2020.
- "Symetra Tour, Women's All Pro Tour team to further developmental path". 12 December 2018.
- "Meet the 2018 Symetra Tour graduates". 8 October 2018.
- DiVeronica, Jeff. "Symetra Tour players struggle to make ends meet". Rochester Democrat and Chronicle. Retrieved 2019-11-19.
- "Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor". The Seattle Times. 2019-06-24. Retrieved 2019-11-19.
- Glass, Alana (April 9, 2019). "Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal". Forbes.