Symetra Sets up Institutional Life Insurance Unit

April 6, 2011 ( - Symetra Life Insurance Company has created a dedicated unit within its Life Division to focus on bank-owned life insurance (BOLI) and other institutional life products, such as corporate-owned life insurance (COLI).

Leading the unit is Laura Johnson, vice president of Institutional Markets. In her new role, Johnson and her team will focus exclusively on retaining existing BOLI business, expanding the company’s roster of BOLI distributors, and exploring COLI and other institutional product lines.   

A 19-year Symetra employee, Johnson has worked extensively with brokers and bank clients on BOLI sales and product development. Most recently, she headed up the Life Division’s product management function, covering individual life as well as institutional life insurance products, according to a press release.   

Kelly Rabin has been named assistant vice president, Institutional Markets Actuary. In this new position, Rabin is responsible for Institutional Markets pricing, filing, case design, administrative oversight and financial reporting. She brings to the role a strong actuarial background and past experience working with BOLI brokers and clients, the announcement said.   

Symetra explained that BOLI and COLI are life insurance policies purchased by banks or corporations to insure the lives of consenting employees, usually officers and other highly compensated employees. The tax-advantaged nature of life insurance makes it a good tool to offset costs related to employee pension and benefit plans. BOLI and COLI are an efficient means for employers to fund long-term employee benefits, which help attract and retain quality employees.