Mariner Re, a new life reinsurer backed by a $750 million equity investment, has been launched in Bermuda.

Teachers Insurance and Annuity Association of America, a longstanding leader in lifetime income, has provided the capital for the Class E licensed reinsurer, to support growth in Symetra Life Insurance Company’s annuity business.

Mariner Re will provide committed growth capital through a flow reinsurance arrangement that was effective from October 1, 2026.

The arrangement will support Symetra as it writes new annuity business, with investment management shared between Symetra Investment Management Company and Nuveen, the global asset manager wholly owned by TIAA.

Margaret Meister, president and chief executive of Symetra Financial Corporation, said the venture would strengthen the company’s ability to expand.

“Symetra’s strategic relationship with TIAA, a well-regarded company, pairs our combined financial strength and insurance expertise with a strong cultural alignment and collaborative approach,” she said.

“Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”

For TIAA, the investment provides an opportunity to diversify its balance sheet while extending its relationship with Symetra and its parent, Japan’s Sumitomo Life.

“This transaction allows TIAA to expand and diversify our balance sheet, strengthening our ability to meet the long-term obligations we have to the retirement plan participants who count on us, while deepening our longstanding relationship with Symetra and its parent company, Sumitomo Life,” said Dave Dowrich, TIAA’s chief financial officer.

The companies said the dual investment manager structure would combine SIM’s insurance asset management capabilities with Nuveen’s institutional expertise, giving Mariner Re broader access to asset classes and investment strategies.

Nicholas Mocciolo, Symetra’s chief investment officer, said: “SIM’s lead role as investment manager reflects our commitment and investment partnership with Mariner Re and Symetra. We are pleased to be working with Nuveen, a strong investment partner that brings breadth and depth to this relationship.”

Founded in 2019, SIM manages approximately $93.8 billion in assets. Its investment activities span investment-grade corporate credit, high yield, bank loans, commercial mortgage loans, private placements, structured credit, hedging and alternatives.

The firm is based in Farmington, Connecticut, and is a wholly owned subsidiary of Symetra Financial Corporation.

Nuveen managed $1.4 trillion in public and private assets as of June 30. Its parent, TIAA, reported nearly $1.6 trillion in assets under management across Nuveen affiliates and TIAA investment management teams at the same date.

Bill Huffman, Nuveen’s chief executive, said: “This mandate demonstrates the continued growth of Nuveen's insurance asset management capabilities.

“We're proud to bring the breadth of our public to private capabilities to Mariner Re's portfolio and to deepen our longstanding relationship with Symetra and Sumitomo Life.”

Deutsche Bank Securities acted as structuring and placement agent for the transaction, while PJT Partners served as financial adviser to TIAA.

Willkie Farr & Gallagher advised Symetra on legal matters. Mayer Brown and Simpson Thacher & Bartlett were co-lead legal counsel for TIAA, with Conyers serving as Bermuda counsel for the transaction.