Constellation Insurance Expands Chilean Operations Through Acquisition
Constellation Insurance Expands Chilean Operations Through Acquisition
Constellation Insurance, Inc. is thrilled to share that its wholly owned subsidiary, Ohio National Seguros de Vida, has successfully completed the acquisition of Zurich Insurance Group's annuity portfolio in the region. This strategic move significantly enhances its operations in Chile.
A Major Milestone in Growth
This acquisition has tripled Ohio National Seguros de Vida's pensions portfolio and strengthened its assets under management to an impressive $3.3 billion. With this growth, the company now ranks as the seventh largest provider of annuities in the Chilean insurance market, serving over 55,000 annuitants.
Statements from Leadership
In a statement, Anurag Chandra, the Founder, Chairman, and CEO of Constellation, expressed enthusiasm about this transaction. He stated, "This transaction is a significant step forward in our vision to build market-leading businesses across all segments of the organization. With the closing of this transaction, our Latin American business now has the scale and market position to form an increasingly integral part of our diversified enterprise growth strategy."
Strategic Future Opportunities
Furthermore, David Azzarito, President of Constellation's Latin America segment, commented on the importance of this acquisition. He noted that by capitalizing on both organic and inorganic growth opportunities, they are well-equipped to enhance their position in the Chilean market, contributing to Constellation's extensive commitment of over 30 years in Latin America.
About Constellation Insurance
Constellation Insurance is a diversified financial services group providing a broad range of products and services, including insurance, reinsurance, asset management, and institutional markets solutions. Notable subsidiaries comprise AuguStar Retirement, AuguStar Life, and Ohio National Seguros de Vida, among others. With equal partners such as CDPQ and Ontario Teachers', Constellation benefits from the partnerships of two of North America's largest long-term institutional investors.
About Ohio National Seguros de Vida S.A.
Ohio National Seguros de Vida S.A. has been a significant player in the Chilean market for 30 years, holding approximately $3.3 billion in assets. The company distributes life insurance products via over 650 independent insurance professionals and boasts a strong client base of more than 55,000 individuals, alongside nearly two million group members. Ohio National Seguros de Vida S.A. upholds a robust solvency position, maintaining an "AA" local credit rating from both the ICR and Fitch. As a wholly owned subsidiary of Constellation Insurance, Inc., it continues to protect its clients from financial risks.
Contact Information
For inquiries, please reach out to Lisa Doxsee, APR, at 513.794.6418 (office) or 513.218.5519 (mobile).
Frequently Asked Questions
What is the significance of the recent acquisition by Constellation?
The acquisition of Zurich's annuity portfolio greatly expands Constellation's market presence in Chile, significantly increasing its assets and client base.
How much has the assets under management increased?
Ohio National Seguros de Vida now has more than $3.3 billion in assets under management following the acquisition, tripling its pensions portfolio.
What position does Ohio National Seguros de Vida hold in the Chilean market now?
With this acquisition, Ohio National Seguros de Vida has become the seventh largest annuity provider in the Chilean insurance market.
Who are the key figures in Constellation Insurance?
Anurag Chandra serves as the Founder, Chairman, and CEO, while David Azzarito is the President of Constellation's Latin America segment.
What services does Constellation Insurance offer?
Constellation Insurance offers a range of services, including insurance, reinsurance, asset management, and solutions for institutional markets.
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