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Transamerica
www.Transamerica.com

Transamerica began as a holding company controlled by A. P. Giannini, then head of Bank of America and founder of its predecessor, the Bank of Italy in San Francisco. As part of his vision of providing financial services to the general public, Giannini acquired Occidental Life Insurance Company through Transamerica Corporation in 1930. Occidental had first opened its doors to customers in 1906, and became prominent in the life insurance business on the West Coast.

In 1930, Transamerica and the Theodore Gary & Company, together with British investors, formed the General Telephone and Electric Corporation to compete against ITT.

Transamerica, which also owned the Occidental Life Insurance Company (renamed Transamerica Occidental Life Insurance Company in the early 1980s), intended to create a nationwide bank. However, in 1956, because of the passage of the Bank Holding Company Act, Transamerica Corporation divested itself of its banking concerns, which were spun off as Firstamerica Corporation. This left Transamerica with life insurance and property and casualty insurance operations.

Over the next 20 years, Transamerica gradually became a diversified conglomerate whose subsidiaries included United Artists (a major motion picture studio), Transamerica Airlines, Budget Rent A Car, and a manufacturer of machinery.

Excerpt from www.wikipedia.org

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