Constellation Insurance has announced that the Insurer Financial Strength (IFS) rating of A- for its AuguStar Life Insurance Company, Augustar Life Assurance Corporation and National Security Life and Annuity Co. arms have been affirmed by Fitch Ratings. Fitch has also revised its stable outlook to positive.
Anurag Chandra, the founder, chairman, and CEO of Constellation said that the firm was pleased with being recognized by the credit rating agency.
“We are pleased that Fitch has recognized the continued successful execution of our enterprise strategic plan with a positive outlook,” she said.
The credit rating agency noted that the formation of AuguStar Financial aligned with Constellation’s strategy when it comes to the growth of its enterprise in terms of creating life and annuity businesses that offers a variety of products that will be distributed throughout institutional channels and independent marketing organizations.
“The positive outlook is driven by an improving company profile as a result of the company’s strategy to execute on management changes and improve distribution as well as strengthen the product portfolio, which is also expected to improve financial performance,” Fitch added in its report.
Constellation Insurance is an insurance holding firm that serves consumers and small business owners residing in the United States as well as Latin America. Its insurance subsidiaries include AuguStar Life Insurance Company, AuguStar Life Assurance Corporation, National Security Life and Annuity Company, and Ohio National Seguros de Vida, among others.
Some of the firm’s investors and equal partners include the Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP), which are some of the largest long-term institutional investors in North America.
Fitch Ratings is a credit rating agency in the US which provides credit ratings, commentary, and research for global capital markets.
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