Symetra
 | |
 Symetra headquarters building in Bellevue, Washington | |
| Company type | Subsidiary |
|---|---|
| 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$ 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.
History
[edit]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
[edit]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]
References
[edit]- ^ "Safeco Life completes transition to Symetra name". www.bizjournals.com. Retrieved March 22, 2021.
- ^ Virgin, Bill; Reporter, Seattle Post-Intelligencer (August 4, 2004). "Safeco's former investment unit renamed Symetra". Seattle Post-Intelligencer.
- ^ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times – via NYTimes.com.
- ^ Bray, Chad (August 11, 2015). "Sumitomo Life of Japan to Buy Symetra Financial for $3.8 Billion". The New York Times – via NYTimes.com.
- ^ January 14, Allison Bell; PM, 2020 at 01:08. "Symetra Forms Investment Management Unit". ThinkAdvisor.
{{cite web}}: CS1 maint: numeric names: authors list (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". Golfweek. December 12, 2018.
- ^ "Meet the 2018 Symetra Tour graduates". Golfweek. October 8, 2018.
- ^ DiVeronica, Jeff. "Symetra Tour players struggle to make ends meet". Rochester Democrat and Chronicle. Retrieved November 19, 2019.
- ^ "Bellevue-based Symetra life insurance becomes Seattle NHL team's first founding partner, sponsor". The Seattle Times. June 24, 2019. Retrieved November 19, 2019.
- ^ Glass, Alana (April 9, 2019). "Seattle Storm, Symetra Join Forces With 10-Year Jersey Sponsorship Deal". Forbes.
External links
[edit]- Official website
- Historical business data for Symetra:
- SEC filings
  | This article about a financial services corporation of the United States is a stub. You can help Wikipedia by expanding it. |
- Financial services companies established in 1957
- Companies formerly listed on the New York Stock Exchange
- Insurance companies of the United States
- Companies based in Bellevue, Washington
- Sumitomo Life
- 2016 mergers and acquisitions
- American subsidiaries of foreign companies
- 2010 initial public offerings
- United States financial services company stubs