Symetra and Mutual of America Add Annuity Affiliates
One insurer started a company in Bermuda. Another made a deal in Texas.
Two life insurers — Symetra Financial and Mutual of America Financial Group — have completed deals to support their annuity operations.
Symetra has started a Bermuda-based company, Symetra Bermuda Re Ltd., to provide reinsurance for an 80% quota share of fixed deferred and non-variable indexed annuities issued by its main life insurance company on or after Jan. 1, 2022.
Mutual of America said it has acquired Landmark Life Insurance Company, a Brownwood, Texas-based insurer, from The Jarvis Family Limited Partnership to “offer products in the guaranteed retirement income space in 2023.”
What It Means
Some life insurers are still enthusiastic enough about offering your clients and their employers annuities that they will make acquisitions to do that.
Symetra’s New Reinsurer
Symetra is a Bellevue, Washington-based subsidiary of Sumitomo Life Insurance Company of Japan.
The company organized its new Bermuda-based reinsurance subsidiary with the Bermuda Monetary Authority as a Class C insurer.
Symetra will start off using the reinsurer to support its retirement division, and it might later have other parts of the company use the reinsurer, according to Margaret Meister, Symetra Financial’s CEO.
Marsh Management Services (Bermuda) Ltd. will provide insurance management services and compliance support, and a Symetra-owned RIA will manage the reinsurer’s investments, Symetra said.
Mutual of America’s Company in Texas
Mutual of America, a New York-based company that provides retirement services and investments for employers, employer plan participants and individuals, said it will rebrand Landmark Life and begin offering income planning products through the company soon.
John Greed, Mutual of America’s chairman, called the deal an important, strategic transaction.
Landmark Life was founded in 1964. It writes life insurance and annuities in 36 states through independent agents.
Mutual of America announced the Landmark Life acquisition agreement in April 2022. The price of the deal was not immediately available.
Pictured: Hamilton, Bermuda (Photo: Andrew F. Kazmierski/Shutterstock)