State Street says that it has been selected by White Mountains Advisors LLC to provide investment accounting for the general account assets of Symetra Financial.
State Street will provide Symetra Financial with securities accounting for its insurance and other portfolios, as well as regulatory reporting, using Princeton Financial Systems’ PAM for Securities accounting system. Princeton is owned by State Street.
Symetra Financial, formerly known as Safeco Life & Investments, had over $20 billion in assets at end-June. Symetra Life Insurance Company (formerly Safeco Life Insurance Company) ranked as the 39th largest life insurance company in the US by asset size. These assets are in addition to approximately $13 billion in assets currently serviced for other clients of White Mountains Advisors LLC.
“We are pleased that White Mountains Advisors LLC and Symetra Financial have chosen State Street as their accounting provider,” says Andrew Fry, senior vice president of State Street. “As the leading provider of accounting services to the insurance industry, State Street is uniquely qualified to provide the expertise and technology to meet Symetra Financial’s complex regulatory reporting requirements.”