Insurer readying itself for expansion of life insurance division

Feb 03, 2011

New emphasis on life insurance for Symetra

A significant expansion of Symetra Life Insurance's group life insurance policy unit and the appointment of a former Aetna executive as the division's new head were announced early in January.

Symetra CEO Tom Marra was bullish in a statement, saying there were big things ahead for the company and praising the logic of the new strategy.

"This business is a natural extension of the employee benefits products we already offer, and it builds on our individual life insurance capability. With a renewed focus on group life, we want to create an even stronger employee benefits franchise and further diversify our product mix," he said.

Symetra said it planned to drive these gains with more in-house underwriting and sales staff, as well as an increased focus on bringing more claims and actuarial experience into the company.

Aetna veteran Donald Canfield is part of those plans, the company said, citing his time as head of life and disability underwriting operations at his previous employer. Canfield has worked in insurance for 25 years, Symetra said.

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