Symetra Life Insurance Company and Teachers Insurance and Annuity Association of America (TIAA), have announced the launch of Mariner Re, a Class E licensed reinsurer domiciled in Bermuda.
Mariner Re will provide committed growth capital to support Symetra’s annuity business through a flow reinsurance arrangement. As part of the transaction, Mariner Re will be supported by a $750m 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. The dual-manager structure combines SIM’s established insurance asset management capabilities with Nuveen’s institutional expertise, providing Mariner Re with broadened access to asset classes and investment strategies.
“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,” said Margaret Meister, president and chief executive officer of Symetra Financial Corporation. “Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”
“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,” said Dave Dowrich, chief financial officer at TIAA.
