Symetra Financial Corp. is setting up an investment subsidiary — but, at least for now, the new subsidiary will focus solely on managing money for Symetra’s corporate parent, Sumitomo Life Insurance Co.
“Symetra Investment Management Company is not currently soliciting or accepting investment advisory clients,” Symetra says.
Symetra is a Bellevue, Washington-based life insurer that’s been in operation since 1957.
A group of investors that included White Mountains Advisors LLC acquired control of the company from Safeco Corp. in 2004. Symetra then became a public company in 2010. Sumitomo Life, an insurer based in Osaka, Japan, acquired control of Symetra from the investor group in 2016.
Money managers at Symetra have been managing about $40 billion in assets.
Mark Hunt, the chief investment officer at Symetra Financial Corp., will be the president of Symetra Investment Management.
Hunt was a managing director at White Mountains Advisors before he began working for Symetra, in 2015. He has also worked as a money manager at Hartford Investment Management Company.
Sumitomo Life invested $500 million in a Symetra Investment Management bond fund in December, Symetra says.
The investment company will manage bonds from offices in Farmington, Connecticut, and portfolios of commercial mortgage loans from offices in Bellevue.
The Delaware state business entity database shows that Symetra incorporated the investment company unit in Delaware in June 2019.
Correction: An earlier version of this article described when Sumitomo Life completed the Symetra acquisition incorrectly. Sumitomo Life completed the acquisition in 2016.
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