Transamerica Rebranding Four Companies to Bolster Brand Name
August 8, 2014 by Best's News Service
CEDAR RAPIDS, Iowa – Transamerica said it’s aiming at increasing the visibility of its name by rebranding four of its companies. The changes are subject to state regulatory approval, but Transamerica officials expect the process to be completed by year’s end.
The Iowa-based company’s decision impacts four companies: Monumental Life Insurance Co., which will change its name to the Transamerica Premier Life Insurance Co.; Western Reserve Life Assurance Company of Ohio, which will be merged into Transamerica Premier Life; Transamerica Advisors Life Insurance Company of New York will be merged into the Transamerica Financial Life Insurance Co.; and the Stonebridge Casualty Insurance Co. will change its name to Transamerica Casualty Insurance Co.
The efforts to rebrand within Transamerica have been taking place for the past couple of years, but are nearing an end, said Gregory Tucker, head of corporate communications. Rebranding, he told Best’s News Service, is being done to simplify the company to create more focus by Transamerica on customers. “We made a conscious decision to use the recognized Transamerica brand for all of our businesses in the United States,” Tucker said. “We’ve internally organized ourselves in a way that we can be in a much stronger position to serve the broader needs of customers to and through retirement.”
Mark Mullin, Transamerica president and chief executive officer, said in a statement that the move would unify the company. “In recent years, we have worked to enhance efficiencies and our ability to better serve those who depend on our core insurance and retirement products and services. Unifying our company under the distinctive and highly-respected Transamerica brand will further assert the strength of our organization and what it is we offer those determined to achieve peace of mind and long-term financial security,” he said.
The rebranding will not impact coverage or benefits provided to customers and will not impact contracts underwritten by the companies, Transamerica said in a statement.
Transamerica provides life insurance, savings and retirement and investment products to customers in the United States and Canada. In 2013, Transamerica, which is a member of the Aegon group of companies, paid out $6.5 billion in benefit claims, the company said in a statement.
Transamerica Life Insurance Co., Transamerica Premier Life Insurance Co. and Transamerica Financial Life Insurance Co. have Best’s Financial Strength ratings of A+ (Superior). Transamerica Casualty Insurance Co. has a Best’s Financial Strength rating of A (Excellent).
(By Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com)
