“As a result, the company will lay off approximately 135 employees beginning February 3, 2017,” the Baltimore-based company said in the letter. “The layoffs are expected to occur through late 2017.”
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Transamerica Life Insurance intends to offer its affected employees severance benefits and transition programs, including outplacement services.
The company is a unit of Dutch firm Aegon, which purchased Transamerica Corp. for $9.7 billion in cash and stock in 1998.
Transamerica Life Insurance has 10,000 employees nationwide, providing life insurance and savings products, individual and group pension plans, as well as asset management services, according to the company’s website.
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