Symetra Financial Corporation is introducing its initial public offering today.
The stock opened this morning on the New York Stock Exchange at $12.70 a share, above the $12 share price announced yesterday by Symetra, Bellevue, Wash.
The offering consists of more than 30 million shares, including 9.7 million shares to be sold by existing stockholders.
Berkshire Hathaway Inc., Omaha, and White Mountains Insurance Group Ltd., White River Junction, Vt., which led the investor group that formed Symetra more than 5 years ago, are not selling any shares in the offering, according to a company statement.
Symetra will trade under the ticker symbol SYA. It expects to close the offering on or about Jan. 27.
The company says it plans to use income from the sale for general corporate purposes, which may include contributing capital to subsidiaries.
Symetra was created in 2004 when Safeco Corp., Seattle, spun off its operations. It provides employee benefits, annuities and life insurance through benefits consultants, financial institutions and independent agents and advisors.
