Symetra partners with TIAA to launch sidecar-like life and annuity reinsurer Mariner Re

Symetra Life Insurance Company, a provider of life, retirement and employee benefit insurance products, has partnered with Teachers Insurance and Annuity Association of America (TIAA) to launch Mariner Re Ltd., a new Class E licensed reinsurer domiciled in Bermuda, that will initially act as a kind of life and annuity reinsurance sidecar for the company.

As per the announcement, Mariner Re will offer committed growth capital to support Symetra’s annuity business through a flow reinsurance arrangement, effective October 1st, 2026.

As part of the transaction, Mariner Re will be supported by a $750 million equity investment from TIAA.

Symetra Investment Management Company (SIM) and Nuveen, the global asset management firm wholly owned by TIAA, will serve as Mariner Re’s investment managers.

This dual-manager structure combines SIM’s established insurance asset management capabilities with Nuveen’s institutional expertise, providing Mariner Re with broader access to a range of asset classes and investment strategies.

As we’ve explained in previous articles, structures of this kind act as a type of reinsurance sidecar, fueling additional third-party capital to support life and annuity underwriting business through reinsurance quota share transactions, or flow arrangements, to benefit sponsors like Symetra.

These kind of structures also provide returns and an asset management opportunity to other partners in the venture as well.

For the transaction, Deutsche Bank Securities Inc. acted as structuring agent and placement agent, while PJT Partners served as financial advisor for TIAA.

In addition, Willkie Farr & Gallagher LLP served as legal counsel for Symetra, while Mayer Brown LLP and Simpson Thacher & Bartlett LLP both served as co-lead legal counsel for TIAA and Conyers as Bermuda counsel for the transaction.

Margaret Meister, president and chief executive officer of Symetra Financial Corporation, commented: “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. Mariner Re supports our ability to grow annuity sales, enhancing our competitive positioning and enabling us to serve more customers.”

Dave Dowrich, chief financial officer at TIAA, said: “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.”

Symetra Chief Investment Officer Nicholas Mocciolo added: “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.”

Bill Huffman, CEO of Nuveen, noted: “This mandate demonstrates the continued growth of Nuveen’s insurance asset management capabilities. 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.”

This sidecar-like structure is very similar to the Windsor Life Re Bermuda-based life and annuity reinsurer that was launched by Wilton Re and Sun Life Financial Inc., in late August. 

Other recent launches of life and annuity reinsurance sidecar type structures also include West Grove Re Ltd., which was also launched in August by international life and annuity insurance specialist Talcott Financial Group. 

F&G also launched Fort Green Reinsurance in partnership with Blackstone in August 2025, while Fortitude Re and Carlyle partnered together on the launch of the Fortitude Carlyle Asia Reinsurance Ltd. (FCA Re) sidecar in October 2025.

As a reminder, you can read about many other reinsurance sidecar investments and transactions over the history of the ILS market, including life and annuity vehicles, by visiting our comprehensive list of collateralized reinsurance sidecars transactions.