Japan’s Sumitomo Life to buy US insurer Symetra for $ 3.8 b

US life insurance company Symetra Financial Corp said it agreed to be bought by Japan’s Sumitomo Life Insurance Co for about $ 3.8 billion in cash.

Symetra shareholders will receive $ 32 per share in cash at closing, plus a previously announced special dividend of $ 0.50 per share in cash, payable on 28 August.

Sumitomo Life, Japan’s fourth-largest life insurer by assets, was founded in 1907 and is headquartered in Tokyo and Osaka.