Transamerica News

Iowa Judge: ‘Shadow Insurance’ Documents Are Confidential

An Iowa judge has ruled that the details of “shadow insurance” subsidiaries created by several life insurers can remain confidential. Indiana University professor emeritus Joseph Belth sought the documents last year under Iowa’s open records law, saying he believes they …

Transamerica Owner Aegon’s Profits Up; Shares Drop on Solvency Concerns

Aegon, the Dutch insurer that does most of its business in the United States, on Thursday reported first-quarter net income of 378 million euros ($411 million), helped by the performance of its investment portfolio. [Editor’s note: Aegon’s Q1 net income …

Aegon Hunts for New CFO to Replace Button Who Will Return to U.S.

Aegon NV is seeking a new chief financial officer to replace Darryl Button, who is leaving the insurer after three years in the post. A thorough process is underway to select a successor, Aegon said in a statement on Tuesday. …

Iowa in Middle of Debate Over ‘Shadow Insurance’ Deals

For cash-strapped life insurance companies, the deal sounds almost too good to be true: A state law allows them to create complex financial instruments to transfer liabilities to new subsidiaries, instantly wiping huge debts off their books. So-called “shadow insurance” …

Aegon, Transamerica Owner, Sells $4.4B UK Annuity Portfolio to Legal & General

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc. The transaction, which covers 27,000 policyholders, will release another 275 …

Aegon to Sell $8.5B of U.K. Annuity Portfolio to Rothesay Life, to Free Up Capital

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., agreed to sell two-thirds of its U.K. annuity portfolio to Rothesay Life Ltd., helping to boost capital buffers under new regulations. Aegon will initially reinsure 6 billion pounds ($8.5 billion) …

Update: Aegon Reports Q4 Pretax Profit of $534.9M, Down 14% on U.S. Income

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., fell in Amsterdam trading after decline in U.S. income pushed down fourth-quarter pre-tax earnings. The stock dropped as much as 4.5 percent and was down 3.2 percent as of 10:25 …

Minnesota: Exams of 16 Life Insurers Find $174M in Unpaid Benefits, So Far

Minnesota Commerce Commissioner Mike Rothman announced that his department has reached settlement agreements with three more life insurance companies that owed money to Minnesotans for unpaid insurance policies, annuity contracts and retained asset accounts. The settlements bring to $174 million …

Iowa-Based Global Insurance Accelerator Names 2016 Class of Startups

Global Insurance Accelerator (GIA), a Des Moines, Iowa-based global business accelerator focused on developing and growing innovative insurance-centric startups, has announced its 2016 portfolio. With a global pool of twice as many applicants compared to the previous year, the five …

Update: Dutch Insurer Aegon Plans $432M Share Buy-Back, to Cut U.S. Costs

Aegon NV jumped the most in almost six years after saying it plans to buy back 400 million euros ($432 million) of shares and cut costs to improve its return on equity. The Dutch owner of insurer Transamerica Corp. announced …