Symetra Life Insurance Company has inked a reinsurance agreement with Resolution Re, a Bermuda-based reinsurance firm within the Resolution Life Group.
Under the agreement, financial responsibility for the firm’s structured settlement annuity contracts and a smaller block of income annuities will be handed over to Resolution Re.
Through the move, Resolution Re will reinsure $5.7bn of annuity liabilities.
Symetra Financial president and CEO Margaret Meister said: “This transaction strengthens Symetra’s risk-based capital and long-term financial position as we remain focused on growing our primary business lines.
“Importantly, ensuring a seamless transition for our affected customers has been a key goal for us, and we’re very pleased that they will continue to receive the same great service from our highly skilled Symetra team.”
Symetram, which stopped sale of structured settlement annuities six years ago, will continue to service the reinsured business.
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Resolution Re will assume asset management responsibility after a transition period.