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Sumitomo Life to buy U.S. insurer Symetra for $3.8 billion

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Staff writer ▼ | August 12, 2015
Sumitomo Life has agreed to buy U.S insurer Symetra Financial Corp (SYA.N) for about $3.8 billion.
Sumitomo Life
Acquisition   $32 per Symetra share
Sumitomo will pay $32 per share for Symetra, representing a 32 percent premium to the U.S. company's average share price in the past month. Symetra shareholders will also receive a previously announced special dividend of $0.50 per share in cash.

Symetra provides employee benefits, annuities and life insurance. It is partly owned by White Mountains Insurance Group, a holding company of several financial services companies.

Symetra's largest shareholders, White Mountains and Berkshire Hathaway, which have about 18 percent and 17 percent respectively, have agreed to vote in favor of the transaction, Symetra said in a statement.