Signs of change: Transamerica replaces AEGON

CEDAR RAPIDS -- Transamerica "red" is replacing familiar AEGON "blue" at the insurance company's campuses in northeast and southwest Cedar Rapids.

Dutch insurer AEGON is rebranding its North American businesses as Transamerica, a familiar name in insurance that was acquired in 1999 for $10.8 billion. The company was required by the Dutch government to refrain from spending money to promote its brand or products until it repaid a $4.3 billion loan to shore up its reserves.

AEGON in June completed the repurchase of $4.3 billion of securities pledged for the loan. The company repaid a total of $5.8 billion, including $1.5 billion in premium and interest.

The Transamerica logo has supplanted the AEGON logo at the entrances to the company's 169-acre campus at 6400 C St. SW and signs on Highway 30 approaching the C Street SW exit direct motorists to Transamerica Financial Park.

Lon Olejniczak, senior vice president of AEGON, said the Transamerica logo also will replace the AEGON logo that was removed last week atop the company's main office building at 4333 Edgewood Rd. NE. 

Mark Mullin, president and chief executive officer of AEGON USA LLC, said the change to Transamerica recognizes the ongoing support the company receives its corporate parent, AEGON N.V., and the achievements of founding companies that include Life Investors Insurance Company of America, Monumental Life Insurance Co. and others.   

"We are unifying our brand, leveraging our experience and embracing the best of where we came from," Mullin said in a statement to employees. "We are positioning ourselves for opportunities from a place of strength, security and confidence."

Transamerica employs about 3,700 in Cedar Rapids. Brenda Clancy, chief operating officer of AEGON USA, said the company is leaner and refocused on the key areas of life insurance, investments and retirement.   

"It's the perfect time for the company to unify under a common brand and re-energize the organization," Clancy said. "Our people have always worked as a strong team and that spirit will be captured in our new Transamerica brand campaign."

Transamerica began as the vision of a young entrepreneur named A. P. Giannini, who took the first step towards realizing his dream by starting a small business known as Bank of Italy (now known Bank of America).

As part of his long-range vision of providing financial services to the general public, Giannini acquired Occidental Life Insurance Co. through Transamerica Corp. in 1930. Occidental first opened its doors to customers in 1906, and had established itself as a major force in the life insurance business on the West Coast.

In 1956, Congress passed the Bank Holding Company Act, which prohibited a company from owning both banking and nonbanking entities. The company decided to divest itself of its bank holdings and keep its core life insurance businesses and related services under the Transamerica name.

In the mid-1980s, Transamerica focused its resources on what has always been the core of the company-its insurance and financial services businesses. The company sold all unrelated operations and acquired several financial services companies that would strengthen this core.

Cedar Rapids native and professional golfer Zach Johnson has begun wearing hats with the Transamerica logo signifying the company's sponsorship.