Symetra plans IPO to raise capital for insurance, growth prospects

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Symetra Financial Corp. has filed with the U.S. Securities and Exchange Commission for an initial public offering.

findingmoneyThe Bellevue, Wash.-based company said in its registration statement on Form S-1 that the offering will consist of primary shares to be sold by the company and secondary shares to be sold by some of its existing stockholders.

Symetra officials said the company intends to use the net primary proceeds from this offering for general corporate purposes, which may include contributions of capital to its insurance subsidiaries and pursuit of its growth strategies. The company will not receive any proceeds from the sale of shares by the selling stockholders, it said in a statement.

An investment group led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc. owns Symetra. Upon completion of this offering, these two shareholders will continue to beneficially own common stock in the company.

Symetra will apply to list its shares on the New York Stock Exchange under the symbol “SYA.”

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