TRANSAMERICA LIFE INSURANCE COMPANY
AM Best Grade: A+ (Superior) 5 stars
Address: 4333 Edgewood Rd. NE, Cedar Rapids, IA 52499
Also known as: Transamerica Financial Life Insurance Company, Transamerica Life Insurance Company
In 1904, Amadeo Giannini opened up the Bank of Italy in an old San Francisco Saloon with the goal of providing of financial services to everyone, not just the wealthy. After the 1906 earthquake Giannini started a make shift bank on the San Francisco docks in order to help the residents rebuild. Giannini merged with Bank of America in 1928, and in 1930 acquired Occidental Life Insurance company through Transamerica. In 1956, the banking and life insurance divisions split into two different companies and the life division became Transamerica. In the 1960’s and 1970’s Transamerica ventured into other industries and started ventures such as Budget Rent-A-Car, United Artists, and Trans International Airlines. However, in the mid-1980’s Transamerica decided to re-focus it’s core business back on insurance and financial services..
In 1999, Transamerica was acquired by a Dutch company, Aegon N.V. Together they are now one of the world’s leading financial organizations. Transamerica and it’s parent company operate in 25 countries around the world. Aegon N.V currently employs about 28,000 people across the globe and reports to have paid out 34 billion Euros to policyholders in 2014.
By Jason Dana, August, 2015