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Symetra Prepares To Go Public

By Staff Writer

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A Northwestern annuity manufacturer is getting ready to sell stock to the general public.

Symetra Financial Corp., Bellevue, Wash., has filed an initial public offering registration statement with the U.S. Securities and Exchange Commission.

Symetra has disclosed plans to sell up to $750 million in common stock.

Safeco Corp., Seattle, the old owner of Symetra, turned Symetra into a separate company in 2004. Symetra now is owned by an investor group led by White Mountains Insurance Group Ltd., White River Junction, Vermont, and Berkshire Hathaway Inc., Omaha, Neb.

Safeco reported $160 million in net income in 2006 on $526 million in revenue and $20 billion in assets.

Once the company goes public, it hopes to list its shares on the New York Stock Exchange under the symbol SYA.