Japan-based Sumitomo Life Insurance has completed the acquisition of US-based insurance firm Symetra Financial, for about $3.8bn.
The deal was first announced by both firms in last August, while received all regulatory approvals in the US and Japan related to the transaction in January.
As part of the deal, Symetra’s each outstanding share of common stock was converted into the right to receive $32.00 per share in cash. Symetra carries out operations as a wholly owned subsidiary of Sumitomo Life.
Based in Bellevue of Washington, Symetra is a diversified financial services firm that provides employee benefits, annuities and life insurance products to its customers.
The firm offers services through a national network of benefit consultants, financial institutions and independent agents and advisors.
The company has around $34bn worth assets, 1.7 million customers, and 1,400 employees across the country, as of June 2015.
Under the terms of the agreement, Symetra’s president and CEO Thomas Marra, along with his current management team, continues to operate the business with the firm’s current brand, employees, distribution channels and product mix.
Established in 1907 and based in Tokyo and Osaka, Sumitomo Life operates multi-channel, and multi-product life insurance businesses.
The firm provides traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance.
As of March 2015, the company had $229bn worth assets, around 6.8 million customers and 42,000 employees.
Image: Sumitomo Life Insurance Company headquarters in Osaka, Osaka prefecture, Japan. Photo: courtesy of 663highland.