TIG Insurance Company history

Based in New York City, this company was incorporated in 1938 and wrote a variety of property/casualty policies.

In 1950 it earned $11 million in premiums and had net income of $1.1 million.

In 1960 American Surety earned $53.2 million in premiums and had net income of $2.6 million.

In addition, when parent Transamerica Corporation purchased Pacific Finance Corporation in 1961, it also acquired four property/casualty subsidiaries: Olympic Insurance Co., Mt.

In 1975 the company's $354.5 million in direct premiums written accounted for 15 percent of the company's total revenues, but its net income was only $5 million.

Transamerica Insurance reported an after-tax loss of $58.8 million on net premiums written of $856.6 million in 1984, forcing parent Transamerica Corporation to contribute $100 million of new capital to the subsidiary.

Transamerica Insurance Group moved its headquarters in 1988 from Los Angeles to a suburb, Woodland Hills.

In 1990 Transamerica Insurance Group was the nation's 27th largest property and casualty insurer and included the ninth largest reinsurance company.

In 1991 Transamerica Insurance Group accounted for nearly a third of the parent corporation's revenue and had 65 offices nationwide, but its earnings of $63 million were considered insufficient.

In 1995 TIG had net income of $118.3 million on revenues of $1.88 billion.

In February 1996 the company announced it would lay off 550 of its remaining 1,920 employees.

Homeowners' insurance was offered mainly by the division's independent agents unit, which was sold to Nationwide Mutual Insurance Co. on the last day of 1997.