Symetra and TIAA launch Mariner Re

Symetra and TIAA have launched Mariner Re, a Bermuda-domiciled Class E reinsurer backed by a $750 million equity investment from TIAA.

Mariner Re will provide capital to support Symetra’s annuity growth through a flow reinsurance arrangement effective October 1, 2026.

Symetra Investment Management and TIAA-owned Nuveen will manage the reinsurer’s investments, combining their insurance asset management and institutional investment capabilities.

Symetra said the arrangement will support additional annuity sales. TIAA said the investment will expand and diversify its balance sheet while deepening its relationship with Symetra and its parent, Sumitomo Life.

Deutsche Bank acted as structuring and placement agent, while PJT Partners advised TIAA.