Symetra Life Insurance, a subsidiary of Symetra Financial, has introduced a new dedicated unit within its life division to focus on bank-owned life insurance (BOLI) and other institutional life products, such as corporate-owned life insurance (COLI).
The new dedicated business unit will be headed by by Laura Johnson, vice president of Institutional Markets.
In her new role, Johnson and her team will focus exclusively on retaining existing BOLI business, expanding the company’s roster of BOLI distributors, and exploring COLI and other institutional product lines.
A 19-year Symetra employee, Johnson has worked with brokers and bank clients on BOLI sales and product development. Most recently, she headed up the life division’s product management function, covering individual life as well as institutional life insurance products.
BOLI and COLI are life insurance policies purchased by banks or corporations to insure the lives of consenting employees, usually officers and other highly compensated employees.
In addition, Kelly Rabin has been named as assistant vice president, institutional markets actuary.
In this new position, Rabin will be responsible for institutional markets pricing, filing, case design, administrative oversight and financial reporting.
She will bring to the role an actuarial background and past experience working with BOLI brokers and clients.