Transamerica Insurance Co. in Woodland Hills said it agreed to acquire Completion Bond Co. from its sole owner, Bette Smith. The purchase price was not disclosed.
Transamerica is a property-casualty insurance arm of Transamerica Corp. CBC provides "production-completion guarantees" for the movie and television industries. Such guarantees assure financial backers of a film or TV show that the production will be completed and available for distribution.
Since its founding in 1981, CBC has guaranteed more than 530 productions, including the movies "Field of Dreams," "Driving Miss Daisy" and "The Fabulous Baker Boys." Smith will remain CBC's president after the merger is completed, which is expected by month's end, Transamerica said.