A West Coast life insurer has decided to put plans to sell stock to the public on the back burner.
Symetra Financial Corp., the parent of Symetra Life Insurance Company, Bellevue, Wash., says it has decided to postpone efforts to implement an initial public offering due to the current turmoil in the stock market.
“The company believes that current conditions are not favorable to maximizing shareholder value and will continue to monitor the financial markets going forward,” Symetra says in a statement.
Symetra filed a registration statement for the IPO with the U.S. Securities and Exchange Commission in June and filed the latest quarterly update of the registration statement Monday.
The registration statement for the IPO remains on file with the SEC and has not been withdrawn, Symetra says.
Symetra eventually hopes to raise up to $750 million through an IPO and list its shares on the New York Stock Exchange under the symbol SYA.
Organizers of Symetra built it up by acquiring the employee benefits, life and annuity operations of Safeco Corp., Seattle.
The company now has about $20 billion in assets.
The principal owners include Berkshire Hathaway Inc., Omaha, Neb., and White Mountains Insurance Group Ltd., White River Junction, Vt.