Symetra

Last updated

Symetra
Company type Subsidiary
Industry Insurance
Founded Bellevue, Washington (2004)
Headquarters Bellevue, Washington, United States
Key people
RlFounder, (CEO)
ProductsRetirement plans
Employee benefits
Annuities
Life insurance
Revenue US$ 4.6 billion (2021)
US$ 136.8 million (2021)
Total assets US$ 29.0 billion (2021)
Owner Sumitomo Life
Number of employees
1,250
Website www.symetra.com

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

Contents

History

Started in 1957, Symetra Financial began as a subsidiary of Safeco. [1]

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. [2]

Symetra Financial was acquired in 2016 by Japanese insurer Sumitomo Life for $3.8 billion. [3] The Japanese insurer was looking to expand its foothold on insurance especially as its Japanese market ages, increasing costs. [4]

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. [5] [6]

Sponsorships

Symetra and Women's All Pro Tour hosted the Symetra Tour, which is known as the "Road to LPGA", from 2012 to 2021. [7] [8] 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. [9]

Symetra Life Insurance is also the first founding partner and sponsor of Seattle's National Hockey League (NHL) expansion franchise, the Seattle Kraken, which began playing in October 2021. [10]

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. [11]

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References

  1. ↑ "Safeco Life completes transition to Symetra name". www.bizjournals.com. Retrieved March 22, 2021.
  2. ↑ Virgin, Bill; Reporter, Seattle Post-Intelligencer (August 4, 2004). "Safeco's former investment unit renamed Symetra". Seattle Post-Intelligencer.
  3. ↑ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times– via NYTimes.com.
  4. ↑ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times– via NYTimes.com.
  5. ↑ January 14, Allison Bell; PM, 2020 at 01:08. "Symetra Forms Investment Management Unit". ThinkAdvisor.{{cite web}}: CS1 maint: numeric names: authors list (link)
  6. ↑ "Symetra Financial unit to manage US investments for Sumitomo Life - Reinsurance News". January 10, 2020.
  7. ↑ "Symetra Tour, Women's All Pro Tour team to further developmental path". Golfweek. December 12, 2018.
  8. ↑ "Meet the 2018 Symetra Tour graduates". Golfweek. October 8, 2018.
  9. ↑ DiVeronica, Jeff. "Symetra Tour players struggle to make ends meet". Rochester Democrat and Chronicle. Retrieved November 19, 2019.
  10. ↑ "Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor". The Seattle Times. June 24, 2019. Retrieved November 19, 2019.
  11. ↑ Glass, Alana (April 9, 2019). "Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal". Forbes.


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