Symetra Life Insurance Company, a provider of life, retirement and employee benefit insurance products, and Teachers Insurance and Annuity Association of America (TIAA), a US-based retirement services and financial services provider, have announced the launch of Mariner Re Ltd., a Class E-licensed reinsurer domiciled in Bermuda.
Mariner Re will offer committed growth capital to support Symetra’s annuity business through a flow reinsurance arrangement, effective 1 October 2026.
Under the transaction, Mariner Re will be supported by a $750 million equity investment from TIAA.
Symetra Investment Management Company (SIM) and Nuveen, the global asset management firm wholly owned by TIAA, will serve as Mariner Re’s investment managers. This combines SIM’s established insurance asset management capabilities with Nuveen’s institutional expertise, giving Mariner Re broader access to asset classes and investment strategies.
Margaret Meister, President and CEO of Symetra Financial Corporation, said, “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.
“Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”
Dave Dowrich, Chief Financial Officer at TIAA, commented, “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 long-standing relationship with Symetra and its parent company, Sumitomo Life.”
Nicholas Mocciolo, Chief Investment Officer at Symetra, 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.”
“This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities,” added Bill Huffman, CEO of Nuveen. “We’re proud to bring the breadth of our public to private capabilities to Mariner Re’s portfolio and to deepen our long-standing relationship with Symetra and Sumitomo Life.”
For the transaction, Deutsche Bank Securities Inc. acted as structuring agent and placement agent. PJT Partners served as financial adviser to TIAA. Willkie Farr & Gallagher LLP served as legal counsel to Symetra, while Mayer Brown LLP and Simpson Thacher & Bartlett LLP served as co-lead legal counsel to TIAA, with Conyers acting as Bermuda counsel for the transaction.
