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Symetra Life Insurance Company and Teachers Insurance and Annuity Association of America (TIAA) have launched Mariner Re, a Bermuda-domiciled Class E licensed reinsurer backed by a $750 mn equity investment from TIAA.
The new reinsurer will provide committed growth capital to support Symetra’s annuity business under a flow reinsurance arrangement that took effect on October 1, 2026.
- Symetra and TIAA have established Mariner Re, supported by a $750 mn equity investment from TIAA.
- The flow reinsurance arrangement, effective October 1, 2026, will provide committed growth capital for Symetra’s annuity business.
- Symetra Investment Management and TIAA-owned Nuveen will manage Mariner Re’s investments, combining insurance asset management expertise with access to public and private markets.
The transaction brings together Symetra, a provider of life insurance, retirement and employee benefits products, and TIAA, a provider of lifetime retirement income solutions. It is intended to support Symetra’s annuity sales growth while allowing TIAA to expand and diversify its balance sheet.
Symetra and Nuveen to manage Mariner Re investments
Symetra Investment Management Company (SIM) and Nuveen, the global asset management firm wholly owned by TIAA, will serve as investment managers for Mariner Re.
The dual-manager arrangement combines SIM’s established insurance asset management capabilities with Nuveen’s institutional investment expertise. The structure will give Mariner Re broader access to asset classes and investment strategies.
Symetra Chief Investment Officer Nicholas Mocciolo said SIM’s lead investment management role demonstrated the company’s commitment to the new reinsurer.
“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,” Mocciolo said.
Nuveen CEO Bill Huffman said the mandate would support the firm’s insurance asset management operations and reinforce its existing relationships with Symetra and Sumitomo Life.
“This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities,” Huffman said. “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.”
Reinsurance arrangement supports annuity growth and capital diversification
For Symetra, the establishment of Mariner Re provides additional capital capacity to support annuity sales and strengthen its position in the retirement market.
Margaret Meister, president and chief executive officer of Symetra Financial Corporation, said the agreement builds on the companies’ financial resources, insurance expertise and existing strategic relationship.
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.
Margaret Meister, president and chief executive officer of Symetra
“Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers,” Meister said.
TIAA expects the transaction to contribute to balance sheet diversification and its ability to meet long-term retirement obligations.
Dave Dowrich, chief financial officer at TIAA, said the investment also strengthens the organisation’s relationship with Symetra and its parent company, Sumitomo Life.
“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,” Dowrich said.
Deutsche Bank and PJT Partners advise on Mariner Re transaction
- Deutsche Bank Securities Inc. acted as structuring agent and placement agent for the transaction, while PJT Partners served as financial advisor to TIAA.
- Willkie Farr & Gallagher provided legal counsel to Symetra. Mayer Brown and Simpson Thacher & Bartlett acted as co-lead legal counsel to TIAA, with Conyers serving as Bermuda legal counsel for the transaction.
The establishment of Mariner Re creates a dedicated reinsurance arrangement through which Symetra can support future annuity sales, with TIAA providing the $750 mn equity commitment and both companies contributing investment management capabilities through SIM and Nuveen.
