Transamerica Corporation
{{Short description|American private holding company}}
{{Infobox company
| name = Transamerica Corporation
| logo = Transamerica2025Logo.svg
| type = Subsidiary
| caption =
| foundation = {{start date and age|1928}}
| founder = A.P. Giannini
| location = Baltimore, Maryland, US
| key_people = Will Fuller (CEO)
| num_employees = 6,800 (2023)
| industry = Insurance
Investments
Retirement planning
| products = Life insurance, Investment & Retirement services
| parent = Aegon
| revenue =
| homepage = {{URL|www.transamerica.com}}
| area_served = North America
| num_locations = 10
}}
Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services. The company is located in Baltimore, Maryland with it's subsidiary Transamerica Life Company headquartered in Cedar Rapids, Iowa; It has back offices Denver, Colorado; Harrison, New York; Toronto, Ontario; Philadelphia, Pennsylvania; and Knoxville, Tennessee. Additional affiliated offices are located throughout the United States. In 1999, it became an independent subsidiary of multinational company Aegon.{{cite news| url=https://www.nytimes.com/1999/02/19/business/big-dutch-insurer-to-acquire-transamerica-for-9.7-billion.html| title=Big Dutch Insurer to Acquire Transamerica for $9.7 Billion| last=Tagliabue| first=John |date=February 19, 1999 |work=The New York Times|
access-date=30 September 2017}}
Contributions from the Transamerica Life Insurance Company and its affiliates fund the Transamerica Institute, a nonprofit, private foundation. The Transamerica Center for Retirement Studies is an operating division of Transamerica Institute.{{cite web |title=About Transamerica Institute |url=https://transamericainstitute.org/about-us/about-transamerica-institute |access-date=12 December 2023 |publisher=Transamerica}}
History
File:Transamerica building san francisco.jpg in San Francisco]]
In October 1904, A.P. Giannini founded the Bank of Italy in San Francisco.{{cite episode| url=https://www.pbs.org/wgbh/theymadeamerica/whomade/giannini_hi.html| series=They Made America| title=Newcomers| air-date=June 9, 2004| network=PBS| station=WGBH-TV}}{{cite web |url=https://www.transamerica.com/individual/why-transamerica/who-we-are/history/ |title=History |publisher=Transamerica |date=October 1, 2008 |access-date=27 February 2014}} In October 1928, Giannini created a holding company that he named the Transamerica Corporation, which owned Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and {{interlanguage link|Banca d'America e d'Italia|it}}, which gave it assets in excess of $1.5{{nbsp}}billion (equivalent to ${{Inflation|US|1.5|1928|r=0}}{{nbsp}}billion in {{Inflation/year|US}}).{{Inflation/fn|US}}"[https://www.newspapers.com/image/154061754/ Dover Charter Joins Giannini Corporations]". Associated Press. The News Journal (Wilmington, Delaware). October 12, 1928. p. 26."[https://www.newspapers.com/image/38886286/ Giant Giannini Corporation Being Formed]". United Press International. The Times (San Mateo, California). October 12, 1928. p. 3.Scott, H. S. (October 14, 1928). "[https://www.newspapers.com/image/96103744/ Stocks Do Little in Short Session: Bank of America, Marchant, Dairydale B Show Gains List as Whole is Firm]". Oakland Tribune (Oakland, California). p. 54."[https://www.newspapers.com/image/608489001/ Gigantic Institution to Acquire Control of Giannini Enterprises: Transamerica Corporation Being Forms to Own Financial Firms]". Associated Press. Los Angeles Evening Express. October 24, 1928. p. 27. The Transamerica Corporation original headquarters was located at 4 Columbus Avenue in San Francisco.{{Cite web |title=San Francisco Landmark #52: Fugazi Bank Building |url=https://noehill.com/sf/landmarks/sf052.asp |access-date=2022-11-12 |website=noehill.com}} The Bank of Italy later merged with Bank of America, Los Angeles in 1928, which was then renamed Bank of America in 1930.{{Cite web|url=https://fortune.com/article/worlds-biggest-bank-fortune-classics-1947/|title=World's biggest bank (Fortune Classics, 1947)|website=Fortune|language=en|access-date=2019-03-25|archive-url=https://web.archive.org/web/20190325145650/http://fortune.com/2011/08/28/worlds-biggest-bank-fortune-classics-1947/|archive-date=March 25, 2019|url-status=live}}
In March 1930, Transamerica acquired Occidental Life Insurance Company, founded in 1906."[https://www.newspapers.com/image/678309607/ Transamerica Buys Big Firm]". Los Angeles Evening Post-Record. March 25, 1930. p. 3. At the time, Occidental had over $25{{nbsp}}million in assets and over $150{{nbsp}}million in life insurance policies in force. Giannini said the purchase of the West Coast-based life insurance company was part of a plan for Transamerica to control every type of financial service. Following the acquisition, Occidental was renamed Transamerica Occidental Life Insurance Company.{{cite web| title=Company Profile: Transamerica Occidental Life Insurance Company| url=https://interactive.web.insurance.ca.gov/companyprofile/companyprofile?event=companyProfile&doFunction=getCompanyProfile&eid=2710| publisher=California Department of Insurance| access-date=30 September 2017}}
Over time, the company became a more diversified conglomerate that included the film distributor United Artists,{{cite book| title=International Directory of Company Histories| url=https://books.google.com/books?id=h-zXAAAAMAAJ&q=metro+goldwyn+mayer| volume=25| publisher=St. James Press| pages=326–330| date=January 1, 1999| access-date=30 September 2017| isbn=978-1558623675|url-access=subscription }} Transamerica Airlines and Budget Rent a Car.{{cite web| title=Budget Car Rental Corporate History| url=https://www.budget.com/en/about-budget/company-information/milestone-events| publisher=Budget Rent A Car}}
In 1972, the company completed construction of the Transamerica Pyramid skyscraper in San Francisco which served as its headquarters for many years. Although the company currently retains no offices in the building, the pyramid is still depicted in the company's logo and marketing materials.{{cite web |title=Transamerica Pyramid |url=https://transamericapyramid.com/ |access-date=12 December 2023 |publisher=Shvo}}{{Cite web |last=Said |first=Carolyn |date=May 29, 2004 |title=ICONS OF BUSINESS / Transamerica Pyramid / From corporate emblem to city landmark / It's not really a pyramid, and it's not owned by Transamerica |url=https://www.sfgate.com/business/article/ICONS-OF-BUSINESS-Transamerica-Pyramid-From-2755178.php |website=SFGate}}
In the 1980s, Transamerica began to divest and focused exclusively on financial services.{{cite news| title=Transamerica Plans to Divest Units: Will Sell Air Travel, Auto Rental, Manufacturing Firms| date=January 31, 1986| url=https://www.latimes.com/archives/la-xpm-1986-01-31-fi-2822-story.html| first=Victor F.| last=Zonana| work=Los Angeles Times| access-date=30 September 2017}} In 1981, Transamerica sold United Artists to Tracinda Corporation, a media company owned by Kirk Kerkorian which in turn also owned Metro-Goldwyn-Mayer.{{cite news |last=Cole |first=Robert J. |url=https://www.nytimes.com/1981/05/16/world/m-g-m-is-reported-purchasing-united-artists-for-350-million.html |title=M-G-M is Reported Purchasing United Artists for $350 Million |newspaper=The New York Times |date=May 16, 1981 |access-date=August 17, 2015 |archive-date=September 8, 2016 |archive-url=https://web.archive.org/web/20160908011627/http://www.nytimes.com/1981/05/16/world/m-g-m-is-reported-purchasing-united-artists-for-350-million.html |url-status=live }}{{efn|On February 11, 2005, Kirk Kerkorian sold Metro-Goldwyn-Mayer to a consortium led by Sony.{{cite web|url=https://www.docstoc.com/docs/59433334/MGM-Disclosure-Statement |title=MGM Disclosure Statement |access-date=January 21, 2016 |url-status=dead |archive-url=https://web.archive.org/web/20120124092726/http://www.docstoc.com/docs/59433334/MGM-Disclosure-Statement |archive-date=January 24, 2012 |page=6}} On May 19, 2009, following the completion of a $1 billion stock offering by MGM Mirage, Kirk Kerkorian and Tracinda Corporation lost their majority ownership of the gaming company, dropping from 53.8 percent to 39 percent and even after pledging to purchase 10 percent of the new stock offering they now remain minority owners.[https://www.wsj.com/articles/SB124268713396332161 Kerkorian Stake in MGM Mirage Shrinks] (Wall Street Journal)[https://money.cnn.com/news/newsfeeds/articles/djf500/200905191234DOWJONESDJONLINE000517_FORTUNE5.htm MGM To Pay Back $825.6 Million In Debt Following Stock, Note Sales] {{webarchive|url=https://web.archive.org/web/20090522132904/http://money.cnn.com/news/newsfeeds/articles/djf500/200905191234DOWJONESDJONLINE000517_FORTUNE5.htm |date=May 22, 2009 }} (CNN) On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International".{{cite news|author= Finnegan, Amanda|url= https://lasvegassun.com/news/2010/jun/15/mgm-mirage-changes-name-now-mgm-resorts-internatio/|title= MGM Mirage changes name, now MGM Resorts International|work= Las Vegas Sun|location= Las Vegas|date= 15 June 2010|access-date= 22 May 2014|archive-date= 26 April 2014|archive-url= https://web.archive.org/web/20140426045825/http://www.lasvegassun.com/news/2010/jun/15/mgm-mirage-changes-name-now-mgm-resorts-internatio/|url-status= live}} On September 16, 2019, Tracinda Corporation, a media company owned by the deceased Kirk Kerkorian, has sold its remaining shares of MGM Resorts International, a divestiture planned after Kirk Kerkorian's death on June 15, 2015.{{Cite press release|last=International|first=MGM Resorts|title=MGM Resorts International Announces Founder Kirk Kerkorian's Tracinda Corp. Completes Sale Of Remaining Interests|url=https://www.prnewswire.com/news-releases/mgm-resorts-international-announces-founder-kirk-kerkorians-tracinda-corp-completes-sale-of-remaining-interests-300918475.html|access-date=2021-05-26|website=www.prnewswire.com|language=en}}}} Transamerica was eventually reduced to three main product divisions: insurance, investments, and retirement planning.{{cite news |last1=Fabrikant |first1=Geraldine |title=Turner Acquiring MGM Movie Empire |url=https://www.nytimes.com/1985/08/08/business/turner-acquiring-mgm-movie-empire.html |access-date=November 4, 2014 |work=The New York Times |date=August 8, 1985 |archive-date=October 11, 2014 |archive-url=https://web.archive.org/web/20141011124244/http://www.nytimes.com/1985/08/08/business/turner-acquiring-mgm-movie-empire.html |url-status=live }} In July 1999, Transamerica CEO Frank C. Herringer announced that Aegon, the Netherlands-based insurer, would acquire the company.{{cite news| title=Aegon buys Transamerica| date=February 18, 1999| url=https://money.cnn.com/1999/02/18/worldbiz/aegon/| work=CNNMoney| access-date=30 September 2017}} Transamerica Occidental merged into Transamerica Life Insurance Company on October 1, 2008.{{Cite web |last=wpengine |date=2008-10-20 |title=Hong Kong: Court Sanctions Transfer of Business of Transamerica Occidental Life Insurance Company |url=https://www.insurereinsure.com/2008/10/20/hong-kong-court-sanctions-transfer-of-business-of-transamerica-occidental-life-insurance-company/ |access-date=2023-09-22 |website=Insurance & Reinsurance |language=en-US}}
In 2018, Transamerica entered a 10 year, $2 billion agreement with Tata Consultancy Services, an Indian technology company, to digitize their policies under a single platform. However, this project was abandoned in 2023.{{Cite news |date=2023-06-16 |title=India's TCS, Transamerica end $2 billion contract due to macro environment |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/indias-tcs-transamerica-agree-end-administration-agreement-2023-06-16/ |access-date=2023-09-11}}
After Transamerica introduced the updated logo features the iconic Transamerica Pyramid Center rising boldly from the horizon in a striking red on January 14, 2025, the 1983 and 1989 Transamerica Corporation logos were discontinued.{{cite web |url=https://www.transamerica.com/press-release/transamerica-launches-vibrant-new-look-its-brand-reinforcing-pledge-help-middle |title=Transamerica Launches Vibrant New Look for its Brand, Reinforcing a Pledge to Help Middle Income Americans |publisher=Transamerica |date=January 14, 2025 |access-date=27 February 2025}}
Products and services
Transamerica primarily offers insurance, retirement, and investment services. Types of life and health insurance policies offered include term life, whole life, universal life, variable universal life, accidental death, and final expense. Transamerica companies also offer a variety of mutual funds and annuities.{{cite web| title=Individual| url=https://www.transamerica.com/individual/| publisher=Transamerica| access-date=30 September 2017}}
Transamerica's retirement division offers defined benefit pension plans and defined contribution retirement plans,{{cite press release| title=Aegon acquires Mercer's US defined contribution record-keeping business| url=https://www.aegon.com/en/Home/Investors/News/Press-Releases/Archive/Mercer/#| date=September 21, 2015| publisher=Aegon| access-date=30 September 2017}} including 401(k) and 403(b), 457, profit sharing, money purchase, cash balance, Taft-Hartley, multiple employer plans, pooled employer plans, retirement plan exchanges, nonqualified deferred compensation, and rollover individual retirement accounts. Other services include plan-level record keeping and administrative services, participant communications and education services, fiduciary risk mitigation services, open investment architecture, and compliance guidance and regulatory support.{{cite web| title=Retirement Solutions| url=https://www.transamerica.com/individual/what-we-offer/products/retirement-solutions/| publisher=Transamerica| access-date=30 September 2017}}
In December 2020, Transamerica announced it would no longer sell variable annuities with benefit riders and fixed index annuities and is also exiting the standalone long-term care market.{{Cite web|url=https://insurancenewsnet.com/innarticle/transamerica-latest-to-exit-vas-with-benefits-fias|title=Transamerica Latest To Exit VAs With Benefits, FIAs|date=December 16, 2020|website=InsuranceNewsNet}}{{Cite web|url=https://www.ltcipartners.com/carriernews/transamerica-exiting-the-standalone-ltc-market|title=Transamerica Exiting the Standalone LTC Market|first=LTCI|last=Partners|website=www.ltcipartners.com}}{{Cite web|url=https://www.investmentnews.com/transamerica-ending-sales-vas-guarantees-fixed-annuities-200384|title=Transamerica to halt sales of VAs with guarantees, fixed annuities|date=December 14, 2020}}
Partnerships
Transamerica has a long history of supporting third-party research and thought leadership, including Massachusetts Institute of Technology AgeLab. Previous work includes American Heart Association, Stanford's Center on Longevity, Georgetown's AgingWell Hub, and Alzheimer's Association.
Transamerica has sponsored Zach Johnson his entire PGA TOUR career. The 2023 US Ryder Cup team captain and 12-time PGA TOUR winner, including the 2007 Masters and 2015 Open Championship, Johnson grew up in the Cedar Rapids community, home to many Transamerica employees. Transamerica is also a longtime sponsor of Azahara Munoz, 2009 LPGA Rookie of the Year.{{Cite web |title=Partnerships |url=https://www.transamerica.com/why-transamerica/partnerships |access-date=12 December 2023 |website=Transamerica Partnerships}}
Foundations
Transamerica funds two foundations: the Aegon Transamerica Foundation and the Transamerica Institute. It created the Aegon Transamerica Foundation in 1994 to provide financial grants to community nonprofits. Transamerica employees also volunteer services to these organizations.{{cite web| title=Aegon Transamerica Foundation| url=https://www.transamerica.com/individual/about-us/who-we-are/aegon-transamerica-foundation/| publisher=Transamerica| access-date=30 September 2017}} The foundation received the Corporate Citizenship Award in 2013 for creating the first urban farm in Iowa.{{cite news| title=Transamerica wins award for Time Check 'urban farm'| url=https://www.thegazette.com/2013/11/21/transamerica-wins-award-for-time-check-urban-farm| first=George| last=Ford| date=November 21, 2013| work=The Gazette| location=Cedar Rapids| access-date=30 September 2017}}
Transamerica Institute is a nonprofit, private foundation dedicated to identifying, researching, and educating the public about health and wellness, employment, financial literacy, longevity, and retirement. The Transamerica Center for Retirement Studies (TCRS), an operating division of Transamerica Institute, focuses on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement.{{cite web |title=About Transamerica Institute |url=https://www.transamericainstitute.org/about-transamerica-institute |access-date=12 December 2023 |publisher=Transamerica}}
See also
{{Portal|San Francisco Bay Area|Companies}}
Notes
{{notelist}}
References
{{Reflist}}
External links
- {{Official website|https://www.transamerica.com/}}
- [https://www.transamericainstitute.org/ Transamerica Institute]
- [https://www.transamericacenter.org/ Transamerica Center for Retirement Services]
- [https://www.transamericacenterforhealthstudies.org/ Transamerica Center for Health Studies]
- [https://www.aegon.com/home/ Aegon website]
- [https://www.policypedia.com/agent-directory-by-insurer/TRANSAMERICA%20LIFE%20INSURANCE%20COMPANY/0/1000000 Transamerica agent directory]
Category:Holding companies of the United States
Category:Life insurance companies of the United States
Category:Investment companies of the United States
Category:Companies based in Baltimore
Category:History of San Francisco
Category:Holding companies established in 1928
Category:Financial services companies established in 1928
Category:American companies established in 1928
Category:1999 mergers and acquisitions