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Symetra Financial (SYA)

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Symetra Financial highlighted as Renaissance Capital's Featured IPO

Symetra Financial, which provides group health, retirement, life and employee benefits insurance, has been selected as Renaissance Capital's Featured IPO. Based in Bellevue, WA and backed by well-respected insurer White Mountains and investment company Berkshire Hathaway, Symetra Financial is one of six US IPOs that are scheduled to price this week.

The company plans to raise $351 million by offering 27 million shares at a price range of $12-$14; at the mid-point of the proposed range, it will command a market value of $1.5 billion. Symetra Financial, which was founded in 1957, booked $1.5 billion in sales over the last 12 months. BofA Merrill Lynch, J.P. Morgan, and Goldman Sachs are the lead underwriters on the deal.

Please read our full IPO Commentary.

View IPO Profile: SYA
Thursday 01/21/2010 10:27 AM ET - MorningNotes
27,000,000 shares @ $12 - 14 Managers: BofA Merrill Lynch, JPMorgan, Goldman, Sachs & Co., Barclays Capital People keep asking us, "why do you like this deal?". Easy, Symetra is a 50 year old insurance company that weathered the financial crisis very well while many other insurers got hammered. BRK owns 26%. Warren Buffett is not a seller


Buffett-backed Symetra IPO trades above IPO price

Fri Jan 22, 2010 10:03am EST

NEW YORK (Reuters) - U.S. life insurer Symetra Financial Corp (SYA.N) opened 5.8 percent above its initial public offering price on Friday and was up as much as 9.2 percent in early trades on the New York Stock Exchange.

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Symetra, which counts Warren Buffett's Berkshire Hathaway Inc (BRKa.N) as one of its investors, sells group health, retirement and life insurance, and employee benefits.

The company on Thursday sold 30.4 million shares for $12 each, raising about $364.8 million. It originally planned to sell 27 million shares for between $12 and $14 each.

This is the second time Symetra has tried to go public. It first filed for an IPO in 2007, but pulled the deal in October 2008 during the worst of the financial crisis.

This time, it cut the size of the deal -- both from its 2007 filing, and again, in October. Majority investors Berkshire and White Mountains Insurance Group Ltd (WTM.N) also said they would not sell any shares.

In the initial 2007 filings, both Berkshire and White Mountains had planned to reduce their respective 26.3 percent stakes in Symetra to 15.2 percent.

Symetra expects net proceeds from the IPO of about $208.8 million. It said in a regulatory filing with the U.S. Securities and Exchange Commission that its board of directors has not yet determined how it will use the proceeds, but said they would likely go to general corporate purposes including contributions of capital to its insurance and other subsidiaries.

Symetra reported revenue of $1.3 billion in the nine months that ended September 30, up from $1.1 billion in the year-earlier period. The company reported net income of $96.2 million, up from $27 million.

Joint book-runners for the offering are Bank of America Merrill Lynch, JP Morgan, Goldman Sachs & Co and Barclays Capital. They have the option to purchase an additional 4.05 million shares.

Shares in the Bellevue, Washington-based company opened at $12.70 and traded as high as $13.11.


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SYA News: Symetra Partners with Seattle Kraken, Seattle Storm to Launch “LETS Play” Program with Highline Public Schools 02/07/2022 08:30:00 AM
#83   Been holding SYA for close to 3 years...THE PEACHMAN 10/03/15 08:52:30 AM
#82   merger is good for me PEACHMAN 09/01/15 06:57:09 PM
#81   SYA is just one of my positive plays...IFUS PEACHMAN 08/12/15 11:53:05 AM
#80   YES, sometimes good things can happen if you PEACHMAN 08/08/15 10:06:50 AM
#79   You must be happy with today......looks like they Fletch 08/07/15 04:40:50 PM
#78   Symetra Financial has been a great hold for PEACHMAN 08/05/15 06:57:25 PM
#77   Just been holding SYA for awhile since 13... PEACHMAN 06/25/15 07:29:09 AM
#76   Hey Buddy, Fletch 06/24/15 08:16:04 PM
#75   Bought SYA at 13 in Dec 2012 in PEACHMAN 06/03/15 12:02:13 PM
#74   +3.73% day today.........I love it, Fletch 04/22/15 04:39:25 PM
#73   Back to above the 50 day?......still a good Fletch 12/17/14 12:42:30 PM
#72   Yes....but missed by .05 and also on revs. Fletch 10/27/14 07:04:35 PM
#71   Nice volume today PEACHMAN 10/27/14 06:50:18 PM
#70   i'm just holding original purchases at 13.....Strong insurance carrier PEACHMAN 09/06/14 04:36:02 PM
#69   Hey buddy, Fletch 09/06/14 03:01:09 PM
#68   SYA keeps going up and up and up PEACHMAN 08/29/14 02:00:08 PM
#67   SYA ia a great insurance play..My two other PEACHMAN 08/11/14 10:56:15 AM
#66   GNW had some bad news today but it PEACHMAN 07/31/14 11:59:42 AM
#65   SYA is a true winner. Only MU and Fletch 07/31/14 11:53:10 AM
#64   News just keeps getting better...Bought at 13 and PEACHMAN 07/31/14 11:25:09 AM
#63   Symetra Financial (NYSE:SYA): Q2 EPS of $0.48 beats Fletch 07/24/14 04:54:48 PM
#62   Doing real good :>) Fletch 06/05/14 01:56:28 PM
#61   up and up and away on to 25 PEACHMAN 06/05/14 12:09:39 PM
#60   SYMETRA will just keep going higher...hold for fun PEACHMAN 05/15/14 08:58:02 AM
#59   Hey Buddy, Fletch 05/10/14 07:53:28 AM
#58   Another company of mine MVTG has several seeking PEACHMAN 05/10/14 06:55:18 AM
#57   You and I are the only SYA posters.I PEACHMAN 05/10/14 06:54:06 AM
#56   Below from Seeking Alpha, Fletch 04/23/14 05:20:58 PM
#55   SYA has a brand new high today.......over $20, Fletch 03/04/14 02:47:35 PM
#54   Symetra may purchase Aviva PEACHMAN 04/27/13 08:23:50 AM
#53   Athene purchased AVIVA with APOLLO ..I expect SYA PEACHMAN 12/21/12 11:21:50 AM
#52   IS SYMETRA GOING TO PURCHASE AVIVA with APOLLO ??????????? PEACHMAN 12/18/12 04:53:05 PM
#51   Nice volume today.....looking for news before end of year. PEACHMAN 12/17/12 03:07:04 PM
#50   Watch for news by end of year PEACHMAN 12/17/12 11:18:32 AM
#49   Rumors that SYMETRA to partner with Apollo management PEACHMAN 12/17/12 11:15:57 AM
#48   ~ $SYA ~ Earnings posted, pending or coming Penny Roger$ 02/03/12 03:34:11 AM
#47   Some brains in this board.. Cheers SYA .. Penny Roger$ 02/03/12 03:34:05 AM
#46   NEWS: heres a few more cents...literally lol THUMBS 02/09/11 03:32:38 PM
#45   thats only been forever..geesh..for the most antisapated IPO loniee 12/16/10 09:23:37 PM
#44   sweet! THUMBS 12/16/10 09:22:02 PM
#43   Hey bro, We are green here again!!! loniee 12/16/10 10:47:32 AM
#42   about time this thing saw 13.00 again loniee 12/13/10 10:36:23 AM
#41   That got us our 2 cents worth...literaly...lol loniee 10/11/10 04:28:05 PM
#40   Symetra’s ‘Don’t Fear 65’ Online Ad Campaign Features THUMBS 10/11/10 03:06:36 PM
#39   yea she does... loniee 08/12/10 12:41:03 PM
#38   She does need a kick in the... THUMBS 08/12/10 12:40:30 PM
#37   Maybe that will help jump start this thing loniee 08/12/10 12:40:05 PM
#36   Heyyyyyy.....cool! THUMBS 08/12/10 12:39:14 PM
#35   DIVY!!! Yes!!! loniee 08/12/10 12:38:42 PM
#34   Like to see this thing start to get loniee 07/28/10 03:45:57 PM
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