Transamerica beefed up a unit’s reserves.
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Transamerica added $100 million in new capital to Transamerica Insurance, its property-casualty insurance subsidiary, following the example of other insurers struggling through what Transamerica’s chairman, James R. Harvey, described as “a prolonged period of rate cutting and underwriting losses.” He said the infusion of new capital will enable the subsidiary to write additional coverage in areas marked by firming prices. The parent has assets valued at $12.9 billion.
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