New Leader, More Office Space for Symetra’s Individual Life Insurance Unit
November 3, 2015 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
BELLEVUE, Wash. – Symetra Life Insurance Co. has named a new leader for its individual life insurance division and has expanded the unit’s work location with an eye toward further growth in life sales, the company said in a statement.
Paul Mistretta, most recently president of Prosperity Life Insurance Group in Roanoke, Virginia, becomes Symetra’s new senior vice president and chief operations officer of the division, the statement said. In his new post, Mistretta will provide operations leadership and oversee new business and underwriting in the individual life division. His appointment is effective immediately, company spokeswoman Diana McSweeney told Best’s News Service in an email.
He reports to Tom Marra, president and chief executive officer of Symetra, the statement said.
In his 30-year career, Mistretta also has held senior operations positions with ING, American General Life Insurance Cos. and First Colony Life Insurance, the statement said.
The individual life unit will operate from “a single, expanded location” that currently houses 75 employees but, “with more than 40,000 square feet over two floors, can accommodate 175 people,” the statement said.
Marra said individual life was Symetra’s “fastest-growing business line,” and the company would “continue to expand our market presence.”
“Sales of individual life products reached $17.6 million for the third quarter, double the prior period’s $8.3 million, as a result of continued success of Symetra’s guaranteed universal life products,” the company said in its third-quarter earnings statement Oct. 27.
The company’s parent, Symetra Financial Corp., is being acquired by Tokyo-based Sumitomo Life Insurance Company of Japan in a $3.7 billion transaction (Best’s News Service, Aug. 11, 2015). The deal is expected to close in early 2016.
Symetra’s stockholders will hold a special election in Naples, Florida on Nov. 5 for an up-or-down vote on the proposed acquisition.
The operating units of the group have current Best’s Financial Strength Ratings of A (Excellent).
