By Dakin Campbell
Oct. 6 (Bloomberg) -- Symetra Financial Corp., an insurer partly owned by Warren Buffett’s Berkshire Hathaway Inc., filed to raise as much as $575 million in an initial public offering as the market for IPOs picks up steam.
The sale will include primary shares, while partial owners Berkshire and White Mountains Insurance Group Ltd. may also sell stock, the company said yesterday in a filing. Symetra, based in Bellevue, Washington, will file to be listed on the New York Stock Exchange under the ticker SYA.
“We intend to use the net primary proceeds from this offering for general corporate purposes, which may include contributions of capital to our insurance and other subsidiaries,” the company said in the filing.
IPOs filed with the Securities and Exchange Commission are increasing as equity markets improve. Eleven companies offered shares in September, the most since January 2008, according to data compiled by Bloomberg.
Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Barclays Plc are co-managing the sale.
Symetra delayed an IPO in November 2007 as investors became less willing to participate in new offerings from insurance companies. Bermuda-based GeoVera Insurance Holdings Ltd. postponed its sale in June 2007 and AmWins Group Inc., a Charlotte, North Carolina-based insurer and broker, withdrew its registration for an IPO in October of that year.
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