Transamerica Occidental Life Insurance

Maybe more widely known for the San Francisco architectural landmark, the Transamerica Pyramid, Transamerica Occidental Life Insurance sees the pyramid as a symbol for the strength of the company. Transamerica offers a full range of insurance products designed to fit every life stage. The company offers a universal life insurance policy where the customer can choose the premium amount and determine how the value develops. Also offered is variable life insurance with tax-deferred growth and income tax-free transfer to assets. Another type of policy offered is survivorship life insurance, which helps family or spouses pay estate tax. Transamerica also offers term and whole life insurance options, as well as a myriad of financial and retirement services.

Company History

Transamerica Occidental Life Insurance started as part of the dream of a young entrepreneur named A.P. Gianni who started the small business, Bank of Italy, now known as Bank of America. As part of his long-term goal to offer financial services to the pubic, Gianni acquired Occidental Life Insurance Co. in 1930. Both of Gianni's companies were the foundation for the Transamerica Occidental Co. of today.

In 1956, Congress passed the Bank Holding Company Act prohibiting companies from owning banking and nonbanking entities at the same time, so the company switched its focus from banking to insurance and other financial services. Transamerica joined AEGON Group in 1999, a multinational insurance organization based in The Hague, Netherlands. Today, Transamerica has over $940 billion in life insurance policies in force and more than $31 billion in assets.

Ratings

Transamerica is a member of the Insurance Marketplace Standards Association (IMSA), which is dedicated to upholding high standards and ethics in the insurance industry. Transamerica rates extremely high in regards to independent ratings companies. A.M. Best gives them a superior rating of "A+." Standard and Poor's and Fitch's both gave very strong ratings of "AA" and "AA+," respectively.

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