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Informa Insurance News 24

BERKSHIRE AND WHITE MOUNTAINS TAKE SOME GAINS FROM SYMETRA INVESTMENT

Original stockholders in Washington state-based Symetra, the life unit carved out of Safeco in 2004 when it was bought for $1.41bn by a consortium led by Berkshire Hathaway and White Mountains, will raise $750m through the sale of stock as part of an initial public offering. Berkshire and White Mountains each owned a 24% stake in Symetra as of June 1. Symetra had premium revenue of $525.7m last year. The filing did not specify how much of their holdings the various stakeholders would sell, although it did said that Berkshire and White Mountains would continue to have the ability, collectively, “to significantly influence all matters requiring stockholder approval”.

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