NEW YORK (
increased initial public offering of 30.4 million shares was priced at $12 a share.
, the insurer, originally planned to offer 27 million shares in its IPO. The expected price range was $12 to $14.
Symetra said it plans to use proceeds from the IPO for purposes that may include funding its subsidiaries. It will begin trading on the
New York Stock Exchange
under symbol "SYA."
owns a 26.3% stake in Symetra. Berkshire and
White Mountains Insurance
, which also owns a 26.3% stake, didn't sell shares in the IPO.
This is Symetra's second attempt to sell shares to the public. It originally planned on going public in November 2007, but backed out because of economic uncertainty at the time. Berkshire and White Mountains has intended then to sell shares.
Private shareholders, including J.C. Flowers and Och-Ziff Capital Management, sold a portion of their stakes in the IPO, with the amount sold equal to about a third of the total offering, according to the
Wall Street Journal