Cision PR Newswire
Constellation's Latin American subsidiary closes previously announced acquisition of Zurich's annuity business in Chile
- Ohio National Seguros de Vida – Chile triples pensions portfolio and assets under management to $3.3 billion rising to seventh largest annuity provider in the Chilean insurance market.
CINCINNATI, Dec. 2, 2024 /PRNewswire/ -- Constellation Insurance, Inc. (Constellation), announced its wholly owned subsidiary, Ohio National Seguros de Vida – Chile, has acquired Zurich Insurance Group's (Zurich) $2.1 billion annuity portfolio in Chile.
As a result, Ohio National Seguros de Vida - Chile becomes the seventh largest in the Chilean annuity market with more than US $3.3 billion in assets under management and serving more than 55,000 annuitants.
"This transaction is a significant step forward in our vision to build market-leading businesses across all segments of the organization," said Anurag Chandra, Founder, Chairman and CEO of Constellation. "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."
"By capitalizing on organic and inorganic growth opportunities, we are able to enhance our Chilean market position and ability to expand upon our 30+ year commitment in Latin America," said Constellation's Latin America President David Azzarito.
About Constellation
Constellation is a diversified financial services group offering insurance, reinsurance, asset management and institutional markets solutions through AuguStar Retirement, AuguStar Life, Ohio National Seguros de Vida, S.A., Constellation Investments, Constellation Re and Constellation Institutional markets. Constellation's investors and equal partners, CDPQ and Ontario Teachers', are two of the largest long-term institutional investors in North America.
About Ohio National Seguros de Vida S.A.
Ohio National Seguros de Vida S.A. is based in Santiago and present in Chile for 30 years, with US $3.3 billion in local assets. It distributes life insurance products across Chile through more than 650 independent insurance professionals. The company currently serves and protects more than 55,000 individual clients from financial risk along with nearly two million group member clients. It holds a strong solvency position with "AA" local credit ratings from both the ICR and Fitch. Ohio National Seguros de Vida S.A. is a wholly owned subsidiary of Constellation Insurance, Inc.
Contact: Lisa Doxsee, APR
513.794.6418 (o); 513.218.5519 (m)
Lisa_Doxsee@constellationinsurance.com
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SOURCE Constellation Insurance, Inc.
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