Reinsurance News

Symetra Financial unit to manage US investments for Sumitomo Life

10th January 2020 - Author: Matt Sheehan

Symetra Financial Corporation has established a new investment subsidiary that will help the company’s parent, Sumitomo Life Insurance Company, to invest in US-based assets.

investmentThe new unit, called Symetra Investment Management Company (SIM), will enable Sumitomo to build on its first investment of $500 million, which was made via a corporate bond fund in December 2019.

The initiative will also position Symetra to expand its investment capabilities and assets under management.

“Managing our investments with an eye toward long-term sustainability is central to our investing philosophy,” said Margaret Meister, president and chief executive officer, Symetra Financial.

“Symetra Investment Management helps us advance this approach and maintain the financial strength and resilience our customers, and parent company, can rely on.”

Mark E. Hunt will oversee SIM’s portfolios and strategy as president, while also continuing to serve as executive vice president and chief investment officer for Symetra Financial.

SIM’s investment management operations include a fixed income team based in Farmington, Connecticut, and a commercial mortgage loans team based in Bellevue, Washington.

“Today, SIM’s team manages nearly $40 billion in assets, generating strong returns to support our obligations to policyholders and advance the long-term success and sustainability of Symetra,” Hunt commented.

“We will continue to build on those strengths through Symetra Investment Management to deliver strong investment returns for Symetra and Sumitomo,” he added.

In addition to Hunt, the SIM team includes Colin Elder, senior managing director and head of commercial mortgage loans; Nicholas Mocciolo, senior managing director and head of structured bonds and derivatives; and Evan Moskovit, senior managing director and head of corporate fixed income.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Canada’s Intact Financial takes $115mn of cat losses in Q4

Canadian property and casualty (P&C) insurer Intact Financial Corporation incurred an estimated CA $115 million (US $88 million) of catastrophe...