Transamerica Corporation

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Transamerica Corporation
Industry Insurance, Investments, Retirement
Founded 1928
Headquarters Baltimore, Maryland, U.S.
Key people Mark W. Mullin, President & CEO
Products Life Insurance, Investments, Retirement
Parent Aegon
Website www.transamerica.com

The Transamerica Corporation is an American private holding company for various life insurance companies and investment firms doing business primarily in the United States. It was acquired by the Dutch company Aegon, a European Financial Services Company headquartered in the Hague, Netherlands, in 1999.

Transamerica's main offices are in Baltimore, Maryland and Cedar Rapids, Iowa, with affiliated companies' offices located throughout the United States. Transamerica's three main product areas are: life and supplemental health insurance, investments, and retirement.

Transamerica also funds the Transamerica InstituteSM, a nonprofit, private foundation which has two divisions: Transamerica Center for Retirement Studies® and the Transamerica Center for Health StudiesSM.

History[edit]

The founder of what became Transamerica Corporation started in business in 1904. In San Francisco, in October 1904, A. P. Giannini, created the Bank of Italy, which later became known as Bank of America.[1] In 1928, Giannini put his banks into a holding company he called Transamerica Corporation, and later it acquired Occidental Life Insurance Company.

Occidental Life Insurance Company was organized August 14, 1906,[2] and was later renamed Transamerica Occidental Life Insurance Company. Transamerica gradually became a diversified conglomerate, which included United Artists (a major motion picture studio and record company), Transamerica Airlines, Budget Rent A Car, and a manufacturer of machinery.

In 1972, construction of the Transamerica Pyramid skyscraper in San Francisco was completed. The company's headquarters was located in the building for many years, although today it retains only a small presence in the building. Nevertheless, the company's logo still depicts the iconic building and the firm continues the pyramid logo on its marketing materials.

In the early 1990s, the company began to divest and focused exclusively on financial services. Gradually, Transamerica Corporation was pared down to three main product divisions: insurance, investments, and retirement.

In July 1999, with Frank C. Herringer as CEO, Transamerica Corporation was acquired by Aegon, an insurance company based in the Netherlands.

Transamerica Occidental was merged into Transamerica Life Insurance Company October 1, 2008.

Insurance[edit]

Types of life and health insurance policies offered include term life, whole life, universal life, variable universal life, accidental death, Medicare supplement, long term care, and more.[3]

Investments[edit]

Transamerica companies offer a variety of mutual funds[4] and annuities.[5]

Retirement[edit]

Through partnerships with financial advisors, third party administrators, and consultants, Transamerica's retirement division offers defined benefit pension plans and defined contribution retirement plans. The products offered by Transamerica's retirement division include 401(k) and 403(b) (Traditional and Roth), 457, profit sharing, money purchase, cash balance, Taft-Hartley, multiple employer plans, nonqualified deferred compensation, and rollover individual retirement accounts (IRA) and Roth IRA. Other services include plan-level recordkeeping and administrative services, participant communications and education services, fiduciary risk mitigation services, open investment architecture, and compliance guidance and regulatory support.[6]

Professional golfer sponsorships[edit]

Transamerica and Aegon sponsor four professional golfers: two members of the PGA Tour as well as one each from the Champions Tour and LPGA Tour. These golfers include Zach Johnson (PGA), Tom Watson (Champions), Azahara Muñoz (LPGA), and Kyle Stanley (PGA).

Johnny Unitas Golden Arm Award[edit]

The Johnny Unitas Golden Arm Award is also sponsored by Transamerica. Established in 1987, this college football award is given to the nation's best senior or fourth-year junior quarterback. Recent winners include AJ McCarron (2013), Collin Klein (2012), and Andrew Luck (2011).

Aegon Transamerica Foundation[edit]

The Aegon Transamerica Foundation was created in 1994. Eligible Transamerica employees are also given 12 hours of paid time off each year to work for a charity of their choice. In 2013, the Aegon Transamerica Foundation and employees contributed $6.9 million. After creating Iowa's first-ever urban farm and playground in a flood-damaged inner city neighborhood of Cedar Rapids, the U.S. Chamber of Commerce Foundation selected Transamerica as a recipient of the 2013 Corporate Citizenship Award in the category of Best Community Improvement Program.[7]

Transamerica InstituteSM[edit]

Transamerica InstituteSM (TI) is a nonprofit, private foundation dedicated to identifying, researching and educating the public about retirement, health coverage, and other relevant financial issues facing Americans today. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties.

Transamerica Center for Retirement Studies®[edit]

Transamerica Center for Retirement Studies (TCRS) is a division of TI. TCRS is dedicated to educating the American public on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement. TCRS' research and outreach is based on the premise that there is no such thing as an "average American" – and that every demographic has the opportunity to improve their retirement security. TCRS is focused on uncovering best practices for educating and affecting positive change to help Americans achieve greater levels of financial security in retirement.

Transamerica Center for Health StudiesSM[edit]

Transamerica Center for Health Studies (TCHS) is also a division of TI. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. TCRS is premised on the belief that all Americans can take charge of their own financial and personal health futures. TCHS aims to educate and guide consumers and employers about their health care coverage and personal health and wellness options.

See also[edit]

References[edit]

Notes
  1. ^ "Who Made America?". PBS. 2004-06-30. Retrieved 2014-03-25. 
  2. ^ "Company Profile". California Department of Insurance. 2008-01-01. Retrieved 2014-03-25. 
  3. ^ "Transamerica's Insurance Products". Transamerica. 2014-01-12. Retrieved 2014-03-25. 
  4. ^ "Transamerica Mutual Funds". Transamerica. 2014-01-12. Retrieved 2014-03-25. 
  5. ^ "Transamerica Annuities". Transamerica. 2014-01-12. Retrieved 2014-03-25. 
  6. ^ "Transamerica's Retirement Solutions". Transamerica. 2014-01-12. Retrieved 2014-03-25. 
  7. ^ "Transamerica Selected as Recipient of 2013 Corporate Citizenship Award". PR News Wire. 2013-11-22. Retrieved 2014-03-25. 

External links[edit]