Bellevue-based Symetra Financial is awaiting approval for its life insurance subsidiary Symetra Life Insurance Co. to be regulated in Iowa rather than in Washington state.
The company said the global headquarters, and all 900 employees, will remain in Bellevue, but it would open an office in Des Moines, Iowa, hiring up to 40 people in the next four years as the company grows.
Symetra filed applications with both the Washington State Office of the Insurance Commissioner and Iowa Insurance Division in January to change jurisdiction of incorporation or legal domicile to Iowa. It expects the change to happen midyear, pending regulatory approval.
The company said in a statement that changing states would allow Symetra grow and diversify its “product portfolio and risk profile by permitting the company to take advantage of the state-of-the-art statutes and regulations governing the life insurance industry in Iowa, where some of the industry’s biggest players are domiciled.”
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In December, Symetra extended its lease at its Bellevue headquarter location through July 2025. All 900 employees are now housed at the Symetra Center, 777 108th Ave. N.E.
Coral Garnick: 206-464-2422 or cgarnick@seattletimes.com. On Twitter @coralgarnick