Insurers in Asia have been looking to the U.S. as growth slows at home.

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Sumitomo Life Insurance agreed to buy Bellevue-based Symetra Financial for about $3.8 billion as the Japanese company seeks to expand in the United States.

Symetra investors will receive $32 a share in cash plus a special dividend of 50 cents a share, Symetra said Tuesday in a statement.

Symetra stock closed at $24.47 in New York on Aug. 6, the day before Reuters reported it was exploring a potential sale. The higher price benefits Symetra investors including Warren Buffett’s Berkshire Hathaway.

On Tuesday, Symetra stock closed up 6.7 percent, or $1.98, at $31.50.

Insurers in Asia have been looking to the U.S. as growth slows at home.

Tokio Marine Holdings agreed in June to buy Houston-based HCC Insurance Holdings for around $7.5 billion, and Dai-ichi Life Insurance struck a deal last year to acquire Birmingham, Ala.-based Protective Life for more than $5 billion.

“What can they do with their excess capital in Japan? Not a whole lot except invest it at very low interest rates,” Steven Schwartz, an analyst at Raymond James & Associates, said in a phone interview. While the deal price “might not make any sense for a U.S. company, it does make sense for a Japanese company, given what they can do with their capital.”

Symetra said it expects to retain its senior management team under CEO Tom Marra and its headquarters in Bellevue.

The company, which was ranked No. 2 in The Seattle Times’ recent annual ranking of publicly traded Northwest companies, said it will continue to operate under the Symetra brand and maintain its current products and distribution channels. It also said in a regulatory filing that it doesn’t expect job cuts from the deal. It has 1,400 employees.

“Our vision and long-term plans for building Symetra into a national player are unchanged,” Marra said in a statement. “We will be positioned better than ever to successfully execute on these plans.”

The transaction is expected to be completed by early in the second quarter of 2016.

“This transaction will further enhance our financial and earnings foundation by expanding the size of overseas revenues, diversifying the revenue base and thereby enabling us to build a well-balanced overseas business portfolio across Asia and the United States,” Sumitomo Chief Executive Officer Masahiro Hashimoto said in the statement.

Symetra, formerly a life-insurance business of Safeco, was bought in 2004 by investors led by Berkshire and White Mountains Insurance Group. The insurer sold stock in a 2010 initial public offering at $12 a share.

Berkshire, which holds a 17 percent stake, and White Mountains, with 18 percent, agreed to vote in favor of the deal, according to the statement.

Marra and his deputies have “done a good job running the company and have executed a great deal for shareholders,” Buffett said in the statement.

Georgia-based Aflac, which counts Japan as its largest market, has said it’s sitting out the insurance industry’s wave of deal making because the market is too costly.

“The prices of insurance companies are through the roof,” Aflac CEO Dan Amos said July 29. “I can’t possibly see anything making any sense at this particular time.”

A week earlier, Japan’s Meiji Yasuda Life Insurance agreed to buy Portland-based StanCorp Financial Group for about $5 billion. The price was $115 a share, a 49.9 percent premium on StanCorp’s one-month weighted-average price.