Transamerica Press Releases

Baltimore - - Transamerica today announced the availability of a new packaged solution explicitly designed for small companies seeking to start a new workplace retirement plan for their employees.

Baltimore - - Transamerica announces today that Wendy Boyd has been appointed Head of Life Distribution for the company’s Individual Solutions division, which provides individual insurance and investment solutions to customers throughout the U.S.

Baltimore - - Transamerica announced today that the Aegon Transamerica Foundation has donated $500,000 to Operation HOPE, a nonprofit organization working to help underserved individuals attain a better financial future.

Baltimore - - Transamerica has been selected by Franklin Templeton as the recordkeeper for a new retirement plan solution.

Baltimore - - Transamerica and FuturePlan by Ascensus today introduced an innovative new pooled plan retirement solution called FuturePlan GPS (Group Plan Solution).

BALTIMORE - - Transamerica today announced key findings from research centered on how retirement plan sponsors and participants have fared during the COVID-19 pandemic, and how the requirement to move from in-person to virtual education has impacted engagement.

Baltimore - - Transamerica today announced the expansion of its workplace-focused benefit solutions with the introduction of Individual Coverage Health Reimbursement Accounts (ICHRAs).

Baltimore - - Transamerica is helping small businesses gain advantages in hiring and retaining employees in today’s demanding job market with a retirement plan program available through year-end.

Baltimore - - Transamerica has appointed David Curry as Chief Distribution Officer for the company’s Individual Solutions division, which provides insurance and investment solutions to customers throughout the U.S.

BALTIMORE - - Transamerica announced today that the company has appointed Chris Giovanni as Chief Strategy and Development Officer, and as a member of the Americas Management Board.

BALTIMORE - - Transamerica today announced the availability of its flagship stable value option, the Transamerica Guaranteed Investment Option, on an investment-only basis.

Baltimore - - Transamerica announced today that the company has been named to Seramount’s “100 Best Companies” list for 2021, an honor Transamerica has earned for three consecutive years.

Baltimore - - Transamerica announced today that the company launched a new Retirement Plan Exchange® featuring the UBS Retirement Plan Manager program.

DENVER - - Transamerica announces today the launch of new R6 retirement share classes for five existing Transamerica mutual funds. The new R6 shares are available to retirement investors in employer-sponsored retirement plans, Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). The five new Transamerica R6 share classes launched on May 28, 2021.

BALTIMORE - - Transamerica today announces the appointment of Christopher Ashe as its Chief Financial Officer. Mr. Ashe will succeed Michiel van Katwijk, who is retiring after a decade as CFO at Transamerica and after serving 30 years with Transamerica and its parent company, Aegon.

Baltimore - - Transamerica today announced the launch of new and enhanced employer-sponsored group disability and term life insurance.

Baltimore - - The Plan Sponsor Council of America (PSCA) awarded four retirement plan sponsors and Transamerica as the plan provider with 2021 Signature Awards for the plan's retirement plan education and communications programs.

Baltimore - - Transamerica announced today that it has reached an agreement to sell its portfolio of fintech and insurtech companies to Swiss-based private equity firm Montana Capital Partners.

Baltimore - - Transamerica today announced a new claims reminder service to help people with Transamerica voluntary benefits policies, including accident, critical illness, and hospital indemnity insurance.

Baltimore - - Transamerica today announced findings from an independent client experience survey of retirement plan sponsors conducted by Chatham Partners.

Baltimore - - Transamerica announced today that it has received three prestigious 2021 Refinitiv Lipper Fund Awards for two funds advised by Transamerica Asset Management, Inc.

The Hague - - Aegon announced today that Will Fuller (50, America), formerly Executive Vice President of Lincoln Group, will succeed Mark Mullin as President and CEO of Transamerica, and as a member of the Management Board of Aegon N.V., effective March 31, 2021.

Baltimore - - Transamerica announced today the availability of an optional variable annuity rider for investors seeking protection from market downturns and the opportunity to grow assets and build wealth.

Baltimore - - Transamerica today revealed the latest report of retirement plan trends for institutions of higher education.

Baltimore - - Transamerica is shining a spotlight on the challenges facing women as they prepare for a secure financial future.

Baltimore - - Transamerica announced today the enhancement of retirement plan participants' online experience by offering a new way to notarize a number of documents without leaving the comfort and safety of home via remote online notarization.

Baltimore - - Transamerica announced today that the company earned a score of 100% from the HumanRights Campaign Foundation on their annual Corporate Equality Index (CEI).

Baltimore - - Transamerica, in partner ship with Aegon Asset Management, today announces the availability of a new defined benefit plan management service — Transamerica DB CompleteSM. 

Baltimore - - Transamerica announced today that the company has been selected to be a retirement plan recordkeeper of the Lockton Northeast (NE) Series pooled employer plan.

Baltimore - - Transamerica today announced the availability of a new white paper that examines the key differences between employer-sponsored retirement plans, including multiple employer plans and new pooled employer plans, which will become available on January 1, 2021.

Baltimore - - Transamerica announced today that it is offering employers a new way to help workers grappling with an estimated $1.6 trillion in student loan debt.

Baltimore - - Transamerica today announced a new retirement plan initiative for small business employees, employers, and third party administrators, to help them better navigate the challenges that today's economy poses for retirement savers.

Denver - - Transamerica announces the launches of the Transamerica Sustainable Bond fund and the Transamerica High Yield ESG fund, two responsible investing bond mutual funds.

Baltimore - - Transamerica announced today that the company earned a place on Working Mother magazine's "100 Best Companies" list for the second year in a row. Working Mother also named Transamerica as one of the "Best Companies for Dads."

Denver - - Transamerica today announced management fee reductions on 26 share classes for mutual funds and variable annuity funds.

Baltimore - - Transamerica announced today that the company has been named to the Diversity Best Practices Inclusion Index for the third year in a row.

Baltimore - - Transamerica announced today that the Aegon Transamerica Foundation has approved a grant of $250,000 to United Way of East Central Iowa to support recovery efforts after a powerful line of storms, known as a derecho, swept through the Midwest on August 10.

Baltimore - - Transamerica is pleased to congratulate Zach Johnson on winning the PGA TOUR's Payne Stewart Award.

Baltimore - - Transamerica announced today that they are now offering a new funeral concierge benefit at no direct cost for qualifying life insurance policyholders.

Baltimore - - Transamerica today announces the expansion of the company's workplace benefit solutions with the addition and integration of a suite of tax-advantaged employee savings and spending accounts.

Baltimore - - The Aegon Transamerica Foundation, George F. Thompson Publishing, and Casemate Publishers are proud to announce the release of Mississippi River: Headwaters and Heartland to Delta and Gulf, the third book in acclaimed photographer David Freese's trilogy on North American waters. 

Baltimore - - Transamerica today announces its new online Financial Wellness Center offering enhanced education resources for retirement plan participants and sponsors.

Baltimore - - Transamerica announces that Blake Bostwick is appointed as Chief Executive Officer of its Individual Solutions division.

Baltimore - - Transamerica announces that Kent Callahan is appointed as Chief Executive Officer of its Workplace Solutions division.

Baltimore - - Transamerica announces the availability of the Transamerica Advisory AnnuitySM, an innovative, low-cost, variable annuity offered and issued by Transamerica Life Insurance Company.

Baltimore - - Transamerica announces a new initiative to help their retirement plan customers navigate the CARES Act.

Baltimore - - Transamerica today announces an agreement that would resolve class action litigation challenging monthly deduction rate adjustments on certain universal life insurance policies.

Baltimore - - Transamerica announces today that the Aegon Transamerica Foundation made a contribution of $500,000 to Direct Relief to support ongoing coronavirus (COVID-19) relief efforts.

Baltimore - - Transamerica announces today that it has received five prestigious 2020 Refinitiv Lipper Fund Awards for four funds advised by Transamerica Asset Management, Inc.

Baltimore - - Transamerica announces the availability of a custom stable value separate account product developed specifically for 403(b) retirement plans. The Transamerica Capital Preservation Option is a group annuity contract issued by Transamerica Life Insurance Company.

Baltimore - - The Human Rights Campaign Foundation announced that Transamerica scored 100 percent on its Corporate Equality Index for the third consecutive year. The index is a national benchmark tool that measures workplace equality for lesbian, gay, bisexual, transgender and queer (LGBTQ) employees.

Baltimore - - Transamerica announces the launch of the Transamerica Emerging Markets Opportunities fund, now available to retail and institutional investors. Transamerica selected Wellington Management Company LLP to sub-advise the fund.

Denver - - As part of its ongoing commitment to seek maximum value for investors, Transamerica announces today fee reductions on Transamerica High Yield Bond fund and Transamerica Aegon High Yield Bond, effective January 6, 2020.

Baltimore - - Transamerica applauds the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) act, included in the year-end government spending bill signed into law by President Donald Trump on December 20, 2019.

Baltimore - - Transamerica and the Massachusetts Institute of Technology (MIT) AgeLab shed light today on the challenges and costs of caregiving in the United States during a day-long symposium in Cambridge, Mass.

Baltimore - - Transamerica announced today that the company was selected as an honoree on the "2019 Working Mother 100 Best Companies" list by Working Mother magazine. The list highlights companies that lead the way in providing working parents with programs and services that help them thrive both at work and home. 

Baltimore - - Transamerica announced today that the company is sponsoring and collectively raising contributions for the America Heart Association by participating in a CycleNation event in the Mile High City. Denver CycleNation will be held in the Tivoli Quad on the Auraria Campus on Saturday, September 7, beginning at 2:30 p.m. MT. Transamerica is a signature sponsor for the event.

Denver - - Transamerica announced today that the company reduced the fees of multiple investment funds, reflecting the company's commitment to helping customers reach their financial goals. Effective as of August 1 and August 2, 2019, fees were reduced by up to 13 basis points for certain classes of the following investments, representing more than $11.4 billion in assets as of June 30, 2019. 

Baltimore - - Transamerica announced today that the company has again been named to the Diversity Best Practices InclusionIndex. Transamerica was one of only 80 organizations that earned a score of 60 percent or higher.

Denver - - Transamerica announced today that its employees in Denver will participate with Habitat for Humanity of Metro Denver in the construction of a new home in the city's Elyria Swansea neighborhood, one of Habitat Denver's newest developments.

Baltimore - - Transamerica today announced that the company is supporting and collectively raising contributions to the American Heart Association by hosting a CycleNation event for Transamerica employees at its Cedar Rapids campus.

Baltimore - - Transamerica today announced its participation in the first annual Corridor Corporate Games in Cedar Rapids, a series of summer activities that promotes healthy competition among local companies to help foster company teamwork, pride, and wellness.

Denver - - Transamerica executives will have the honor of ringing the renowned closing bell at the New York Stock Exchange on Wednesday, April 24 to recognize the successful launch of DeltaShares S&P EM 100 & Managed Risk ETF, the fifth DeltaShares strategic beta exchange-traded fund (ETF).

Baltimore - - Transamerica announces today that it received a score of 100 percent from the Human Rights Campaign Foundation on its annual Corporate Equality Index (CEI).

Baltimore - - Transamerica announced enhancements to its current fixed index annuities and the launch of a new product suite in an alliance with Annexus to expand distribution.

Baltimore - - Transamerica announces today that it has entered into an agreement with LTCG, an independent third party administrator, to transfer the administration and claims management of its long term care insurance business line.

Denver - - Transamerica Asset Management, Inc. today announced the launch of the DeltaShares® S&P EM 100 & Managed Risk ETF, an expansion of the DeltaShares by Transamerica suite of strategic beta exchange-traded funds (ETFs) introduced in August 2017.

Baltimore - - Transamerica announced today the reopening of the Transamerica International Small Cap Value Fund Class I (TISVX) to new investors, effective immediately.

Baltimore - - Transamerica announced today the opening of the Innovation Zone, a state-of-the-art lab in Johns Creek, Georgia where agents are welcome to review new technology as well as test and offer feedback on the future of these platforms.

Baltimore - - Transamerica announced today that it received the 2018 DALBAR Annuity Service Award, and is recognized as a leading provider that consistently delivers best-in-class telephone service experience for contract holders.

Baltimore - - Transamerica today announced the availability of new navigation tools to help Spanish-speaking participants use its retirement plan website. Plan sponsors of workplace retirement plans may now elect to enable participant website navigation in Spanish, as well as full translation of select pages.

Baltimore - - Transamerica today announced new tools centered on helping people and their loved ones navigate the many decisions and actions that must be made after cancer diagnosis and treatment. The informational guides are written by Dr. Bill Lloyd, an active, licensed physician who is also a board- certified surgeon and pathologist.

Baltimore - - Transamerica announced today the availability of “Impact of Employee Health on Business Success,” a research paper that provides analysis and recommendations for creating effective workplace wellness programs. The white paper alerts employers to risk factors and mitigation of chronic health conditions.

Baltimore - - Transamerica was named to the Diversity Best Practices Inclusion Index by Diversity Best Practices. Transamerica was among the 73 organizations that earned a score of at least 65% and a place on this year's index.

Baltimore - - Transamerica Intermediate Muni class I shares (TIMUX) has won a 2018 Lipper Fund Award in Lipper’s Five Years Intermediate Municipal Debt Funds category. The Lipper Fund Awards recognize funds that have excelled in providing consistently strong risk-adjusted performance relative to their peers. This is the second time in three years this fund has been recognized with a Lipper Award.

Baltimore - - Transamerica today announces a new Wealth + Health brand identity focused on helping customers improve their overall well-being by effectively managing both their wealth and their health.

Baltimore - - Addressing customers’ objectives for security and flexibility in their retirement planning, Transamerica has made enhancements to the Transamerica Retirement Income Max® living benefit rider available with most Transamerica variable annuities.

Baltimore - - Transamerica today announces the creation of a distinctive customer experience model specially designed to help larger healthcare employers better deliver benefits to their employees.

Baltimore - - Transamerica today announced that it has entered into an agreement with Tata Consultancy Services (TCS) to transform the administration of Transamerica’s insurance and annuity business lines in the U.S. The partnership enables Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its platforms to service its customers in all lines of business. The agreement, a multi-year partnership with more than USD 2 billion of revenues to TCS, is expected to be completed by the second quarter 2018.

Baltimore - - Transamerica today revealed the latest annual survey findings of retirement plan trends for healthcare institutions. The survey results provide an inside look into the challenges healthcare institutions face to attract top talent in a changing environment and help ensure a stable retirement for staff.

Baltimore - - Transamerica today revealed the latest annual survey findings of retirement plan trends for Higher Education institutions. Among the many findings, the survey revealed Higher Education institutions are beginning to adopt the retirement plan features shown to be popular by the corporate sector.

Baltimore - - Transamerica received a perfect score of 100 percent on the 2018 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality, administered by the Human Rights Campaign Foundation.

Denver - - Officials from Transamerica will preside over the famed opening bell ringing ceremony at the New York Stock Exchange on Monday, Oct. 30, in recognition of the recent launch of the DeltaShares by Transamerica® suite of strategic beta exchange-traded funds (ETFs).

Denver - - Transamerica Asset Management, Inc. today launched the DeltaShares by Transamerica suite of strategic beta exchange-traded funds (ETFs). The DeltaShares suite includes four ETFs designed to provide core equity strategies with an embedded risk-management feature. DeltaShares by Transamerica are the first and only suite of ETFs that track the S&P Managed Risk 2.0 Index Series so that investors can track the performance of a given segment of the equity market while seeking to control volatility.

Baltimore - - Addressing customers’ desires for simplicity, flexibility and cost efficiency in their retirement planning, Transamerica has made enhancements to the Transamerica Income EdgeSM living benefit rider, along with launching two new lower cost investment options.

Baltimore - - Transamerica today announces the Transamerica Sage Cash Balance Solution to help small and mid-size businesses with retirement planning. An employer that sponsors a cash balance retirement plan will consult with the plan’s advisor to select one of three investment solutions independently managed by Sage Advisory Services. The growth, moderate or conservative investment strategies are designed and managed to meet common cash balance plan objectives, including principal protection, common interest crediting rate targets, and an awareness of the annual investment time horizon.

Baltimore - - Transamerica today announces the availability of a new, first-of-its-kind, hospital indemnity insurance policy designed specifically for hospital systems and provider-owned health plans. Transamerica Provider SelectSM supplemental insurance policies pay double cash benefits when employees’ hospital care is received at a treatment center designated by the employer. Transamerica Provider Select is designed for use by national and regional hospital systems, hospital-owned health plans, or any employer looking to potentially reduce medical plan premiums and help employees better manage their out-of-pocket medical costs by using preferred treatment centers.

Baltimore - - Transamerica announced today that it is launching Transamerica Voice Pass, a first-of-its-kind feature developed with Nuance Communications, Inc., that increases security and enhances the customer experience by leveraging voice biometrics technology within a natural language understanding system. Customers calling Transamerica’s customer care service centers will be able to more easily and securely authenticate and access their accounts while also identifying the reason for their call, simply by speaking. View the Voice Pass Infographic here View release in multimedia here

Baltimore - - Aegon Asset Management U.S. announces the closing of Garnet LIHTC Fund XLVIII, LLC, a $105 million national, low-income housing tax credit fund. This is the 51st fund offering sponsored by Aegon USA Realty Advisors, LLC (“AURA”), a member company of Aegon Asset Management, and the global investment management division of the Aegon Group. In addition to sponsoring the fund, AURA will also provide ongoing fund oversight and asset management services for the life of the fund.

Baltimore - - Transamerica is capitalizing on recent strong market conditions to the benefit of its customers who purchase fixed index annuities. Transamerica now offers index account cap rates ranging from 2.25% to 4.35%.

Baltimore - - Transamerica is launching the Transamerica Variable Annuity I-Share, a fee-based variable annuity that offers investors and their advisors additional flexibility in planning for retirement.

Baltimore - - The new optional living benefit allows lifetime income payments after age 59, and offers investors the opportunity for up to a 6% annual income payment rate for life if they begin drawing income anytime between ages 65 and 79.

Baltimore - - Transamerica is expanding enrollment options for key employee benefits through a new relationship with Maxwell Health (Maxwell), a leading HR and benefits technology platform and marketplace that simplifies HR for small- to mid-size employers across the country.

Baltimore - - New research results gathered by Transamerica indicate that the majority of investors want their financial advisors to factor in health matters while building their financial future, and that effective communication between investors and their advisors is a key component in successful retirement planning.

Baltimore - - Transamerica Retirement Solutions today announced the HigherEd Retirement ConsortiumSM, a new 403(b) multiple employer retirement plan designed to help private colleges and universities merge their employee retirement plans in order to simplify plan administration, manage fiduciary responsibilities, take advantage of expert plan management, and receive economies of scale in administrative and investment pricing.

Baltimore - - “The Defined Benefit Plan Continuum” provides guidelines and direction to organizations, advisors and consultants in effectively evaluating options and choosing a course that lowers their defined benefit plan costs while mitigating risks that might potentially affect their company’s bottom line.

Baltimore - - More than 300 Transamerica employees will help build or repair homes in eight cities across the United States this year in partnership with Habitat for Humanity. This is the company’s fifth consecutive year of partnering with Habitat, a global nonprofit that helps families build strength, stability and self-reliance through shelter.

Baltimore - - Transamerica is named as an Elite 100 company by InformationWeek for its use of technology and innovation in mapping the customer journey. Transamerica ranked 33rd in InformationWeek’s list of top business technology innovators as a result of its Enterprise Marketing and Analytics Platform project.

Baltimore - - Transamerica has entered into a three-year partnership with the American Heart Association (AHA) to promote the habits of healthy eating and heart-healthy lifestyles as integral to achieving a sound financial outlook. View The Effects of Heart Disease Infographic here View release in multimedia here

Baltimore - - Transamerica Intermediate Muni fund has won a 2016 Lipper Fund Award for its class l shares (TIMUX). The Lipper Fund Awards recognize funds that have excelled in providing consistently strong risk-adjusted performance relative to their peers.

Baltimore - - Transamerica announces three new variable annuity investment options. These new options are offered as part of a commitment to provide a full array of investment solutions for financial advisors and investors.

Baltimore - - Survey of more than 250 higher education plan sponsors shows that institutions with advisors have more effective retirement benefit programs.

Harrison - - The latest study conducted by Transamerica Retirement Solutions examining trends in retirement plans with $25 million to $1 billion in assets reveals a sea change for the retirement industry: an increasing number of retirement plan sponsors will automatically enroll participants at higher default contribution rates over the next few years to help them better prepare for retirement.

Cedar Rapids - - Aegon Asset Management announced today the appointment of Ron Shortenhaus as Director of U.S. Consultant Relations, a new role at the firm. Aegon Asset Management is the global, active investment management arm of Aegon N.V., with centers of investment expertise in Europe and the United States and distribution across the Americas, Europe and Asia.

Harrison - - Transamerica Retirement Solutions has launched a new 401(k) retirement plan that offers large-plan features to smaller businesses and their employees.

Baltimore - - Transamerica Financial Advisors, Inc. (TFA), and John Hancock Financial Network, Inc. (JHFN), a distribution channel of John Hancock, today announced that they have entered into a definitive agreement for John Hancock to acquire certain assets of TFA, a full service, independent broker dealer and registered investment adviser based in St. Petersburg, Florida.

Amsterdam - - Aegon, through an affiliate of its Transamerica unit, has reached an agreement with Mercer HR Services, LLC to acquire Mercer's US defined contribution administration book of business.

Baltimore - - Transamerica announced today it is supporting two athletes who will compete in the Special Olympics World Games Los Angeles 2015: tennis player Adilson Silva from Brazil and track-and-field athlete Sanne Jone Hoedeman from the Netherlands. The LA2015 World Games will be held from July 25 – August 2, 2015 in Los Angeles, and will be the largest sports and humanitarian event in the world this year.

Harrison - - Transamerica Retirement Solutions today announced a new workplace retirement plan program with Merrill Lynch that will enable the wealth management company to expand its options for not-for-profit organizations. This new program will mark the first time Transamerica has offered a 403(b) retirement plan program with Merrill Lynch.

Denver - - Transamerica today released The Caregiver’s Guide to Financial Planning in the Shadow of Dementia, in partnership with the Massachusetts Institute of Technology (MIT) AgeLab. The guide helps caregivers navigate financial decisions on behalf of family members living with Alzheimer’s disease or other types of dementia.

San Francisco - - The U.S. Green Building Council (USGBC) just awarded 505 Sansome Street, part of the Transamerica Pyramid Center, the highest certification in environmental sustainability – LEED Platinum.

Little Rock - - Transamerica Employee Benefits is expanding its enrollment options for employers with the help of a leading cloud-based software solution provider. The platform brings simplicity to the enrollment process for employees while integrating valuable education tools.

Harrison - - Higher Education institutions are responding to the shifting retirement landscape by adopting practices more commonly seen in the corporate sector, such as working with plan advisors, monitoring the retirement readiness of employees, implementing automatic enrollment features and streamlining retirement plans, according to a research report released today by Transamerica Retirement Solutions. The report, Retirement Plans for Institutions of Higher Education, was created from interviews with 117 retirement plan sponsors in the Higher Education sector.

Cambridge - - Transamerica and the Massachusetts Institute of Technology (MIT) AgeLab today highlighted the significant issues facing individuals and families affected by Alzheimer’s disease and dementia during a day-long symposium in Cambridge, Mass. The symposium, titled “Financial Planning in the Shadow of Dementia,” brought together academic experts, caregivers, physicians, Alzheimer’s Association representatives, Transamerica management and financial professionals to discuss family dynamics, as well as the physical, personal and financial impacts of Alzheimer’s on the afflicted and their families.

Baltimore - - Transamerica has undertaken a program to merge and rename certain of its statutory insurance companies to further leverage the strength and distinctiveness of its iconic brand. The majority of the rebranding program, which is subject to regulatory approval, is expected to be completed later this year.

Harrison - - Transamerica Retirement Solutions was recently recognized as a “Best in Class” retirement plan provider by plan sponsors in Chatham Partners’ 2013 Client Satisfaction Analysis.

Los Angeles - - New study examines employer-sponsored benefits, workers' retirement outlook, and offers recommendations.

Los Angeles - - Influential Nonprofit Research Organization Now to Analyze Health Care in Addition to Retirement.

Baltimore - - Transamerica, a national leader in retirement planning, life insurance and investments, today announced a long-term research collaboration with the Massachusetts Institute of Technology's (MIT) groundbreaking AgeLab.

Harrison - - Transamerica Retirement Solutions today announced "The Retirement ExchangeSM," a new retirement plan solution designed to help more small businesses offer workplace retirement plans to more employees, and to help employees save for retirement at higher rates.