Fitch reviews Symetra Life

Fitch Ratings said it placed Symetra Life Insurance Co.’s A+ insurer financial strength rating on Rating Watch Negative and affirmed Symetra Financial Corp.’s A- issuer default rating and negative outlook.

The actions follow the announcement that Symetra agreed to be acquired by Japan-based Sumitomo Life Insurance Co. in a transaction valued at $3.8 billion.

The transaction is expected to close in early 2016 subject to customary shareholder and regulatory approvals.

Fitch rates Sumitomo Life's insurer financial strength rating A with a stable outlook.

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