Symetra Financial Corp. plans to make an initial public offering of common stock.
Symetra, Bellevue, Wash., says the IPO will include some stock that it owns and some held by existing stockholders. The stock to be sold will have a total value of about $575 million.
Symetra hopes to list its shares on the New York Stock Exchange under the symbol “SYA.”
The company is now owned by an investment group led by White Mountains Insurance Group Ltd., White River Junction, Vt., and Berkshire Hathaway Inc., Omaha, Neb. After the offering is completed, White Mountains and Berkshire Hathaway will “continue to beneficially own common stock in the company,” Symetra says.
Symetra was formed in 2004, when Safeco Corp., Seattle, divested itself of its life and annuity operations.