Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance Company, has established Symetra Bermuda Re Ltd.

The new operation will reinsure certain risks of Symetra Life Insurance Company, a subsidiary of Symetra Financial Corporation.

Symetra Bermuda Re is registered with the Bermuda Monetary Authority as a Class C insurer.

Symetra Bermuda Re has completed its first reinsurance transaction, reinsuring an 80 per cent quota share of fixed deferred and fixed indexed annuities issued by Symetra Life on and after January 1, 2022.

“The establishment of Symetra Bermuda Re delivers broad value for us as a company and strengthens our ability to offer competitive products to our customers, while staying aligned with our value, transparency and sustainability guiding principles and our Symetra Empowers vision,” said Margaret Meister, president and chief executive officer, Symetra Financial Corporation.

“This investment is part of our focused effort to ensure the long-term competitiveness of Symetra’s retirement division in a constantly changing industry. In future years, we will evaluate if other parts of our business might benefit from our affiliated Bermuda insurer.”

Symetra said it will increase staffing and operations in both the US and Bermuda to support the newly formed entity.

Marsh Management Services (Bermuda) Ltd will provide insurance management services and compliance support.

Symetra Investment Management Company, a registered investment adviser, will act as asset manager for Symetra Bermuda Re’s investment portfolio.

Symetra Financial Corporation is a diversified financial services company based in Bellevue, Washington.

In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers.