View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 12, 2018

Symetra and Resolution Re sign reinsurance agreement

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.

Resolution Re will assume asset management responsibility after a transition period.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International