Chile, a subsidiary of Constellation Insurance Inc., has completed the acquisition of a $2.1 billion annuity portfolio from a unit of Zurich Insurance Group Ltd., according to a report by AM Best.
With this acquisition, Ohio National Seguros de Vida – Chile will become the seventh-largest player in the Chilean annuities market, now managing over $3.3 billion in assets 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,” Anurag Chandra, founder, chairman and chief executive officer of Constellation, said in a statement to AM Best.
“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," added Chandra.
Ohio National Seguros de Vida has operated in Chile for over three decades. The company distributes life insurance products through more than 650 independent professionals and serves a client base of over 55,000 individual clients and nearly 2 million group members.
David Azzarito, president of Constellation’s Latin America division, highlighted the strategic value of the acquisition.
“By capitalizing on organic and inorganic growth opportunities, we are able to enhance our Chilean market position and ability to expand upon our 30-plus-year commitment in Latin America,” said Azzarito.
This deal follows Zurich Insurance Group’s recent $600 million acquisition of American International Group’s personal travel business.
Zurich plans to integrate AIG’s Travel Guard and other products into its Cover-More Group, which will be headquartered in the U.S. and led by CEO David Fike.
Read more: Zurich acquires AIG's Travel Guard business
The new entity will operate regional units in Latin America, North America, Asia-Pacific, and the Europe, Middle East, and Africa region.
The Chilean acquisition strengthens Ohio National Seguros de Vida’s position in the Latin American market and aligns with Constellation Insurance’s broader growth strategy. The move may signal further consolidation and investment in the region's financial sector.
Will it reshape the competitive landscape in the Chilean annuities market? Let us know in the comments.
