Symetra Financial, which provides group health, retirement, life and employee benefits insurance, slightly modified the terms of its upcoming IPO. The Bellevue, WA-based company, which filed terms yesterday, still plans to raise $351 million by offering 27 million shares; however, the number of insider shares was slightly reduced to 9,700,490 shares from 9,743,990 shares. The company was founded in 1957 and is owned by Berkshire Hathaway and White Mountains Insurance Group, neither of which is selling on the IPO. Symetra previously filed to go public in June of 2007 but withdrew in October of 2008 due to poor market conditions. BofA Merrill Lynch, J.P. Morgan, Goldman Sachs and Barclays are the joint bookrunners on the deal, which is expected to price on Thursday, Jan. 21.
