Mariner Re launches in Bermuda with $750m backing
US financial services provider Symetra has launched a Class E licensed reinsurer domiciled in Bermuda to support its annuity business through a flow reinsurance arrangement, backed by $750 million in equity investment from retirement services group TIAA.
Mariner Re will be managed by Symetra Investment Management Company (SIM) and Nuveen, the asset management firm wholly owned by TIAA. The dual-manager structure combines SIM’s insurance asset management capabilities with Nuveen’s institutional investment expertise, the businesses said in a statement.
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, said: “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.”
Symetra chief investment officer Nicholas Mocciolo 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.”
Bill Huffman, CEO of Nuveen, said: “This mandate demonstrates the continued growth of Nuveen's insurance asset management capabilities. 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 [parent company] Sumitomo Life.”
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