Symetra Life Insurance Company and Teachers Insurance and Annuity Association of America have partnered to launch Mariner Re Ltd., 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, effective 1st October 2026. As part of the transaction, Mariner Re will be supported by a $750m equity investment from TIAA.
“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,” added Dave Dowrich, Chief Financial Officer at TIAA.
Symetra Investment Management Company and Nuveen, the global asset management firm wholly owned by TIAA, will serve as Mariner Re’s investment managers.
“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,” said Symetra Chief Investment Officer Nicholas Mocciolo.
“This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities,” said 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.”
Deutsche Bank acted as structuring agent and placement agent for the transaction. PJT Partners served as financial advisor for TIAA. Willkie Farr & Gallagher served as legal counsel for Symetra and Mayer Brown and Simpson Thacher & Bartlett served as co-lead legal counsel for TIAA, and Conyers as Bermuda counsel for the transaction.
