Fitch upgrades Constellation’s insurance subsidiaries’ rating to ‘A’

Constellation Insurance, Inc., announces today that Fitch Ratings has upgraded its Insurer Financial Strength (IFS) rating of its insurance subsidiaries, AuguStar® Life Insurance Company, AuguStar Life Assurance Corporation and National Security Life and Annuity Co, to “A” and assigned a stable outlook.

“We are very pleased Fitch has recognized our strategic transformation into a highly-capitalized, well-diversified, retail and institutional franchise with strong market position and substantial growth momentum across each of our six core businesses,” says Anurag Chandra, Constellation founder, chairman and chief executive officer.

In its release, Fitch noted “Constellation, through its rebranded AuguStar Life and Retirement lines of business, has gained good traction in creating market-leading life and annuity businesses that offer a broad array of products distributed through a growing network.” Fitch also notes, “This success is reflected in the company’s increasing sales and core earnings. In addition to life and retirement, the company has enhanced its geographical and business diversification through its expanding operations in LATAM, reinsurance, asset management and institutional sectors, which should further support earnings stability and growth over time.” Additionally, Fitch noted that the rating upgrade reflects “the company’s improved operating scale and lower-risk business profile.”

About Constellation
Constellation is a diversified financial services group offering insurance, reinsurance, asset management and institutional markets solutions through AuguStar Retirement, AuguStar Life, AuguStar Seguros, 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.

Fitch affirms A- rating and revises outlook to positive for Constellation Insurance, Inc.

Constellation Insurance, Inc., announced today Fitch Ratings has affirmed its ‘A-‘ Insurer Financial Strength (IFS) rating for AuguStar Life Insurance Company, AuguStar Life Assurance Corporation and National Security Life and Annuity Co., and has revised the outlook to positive from stable.

“We are pleased that Fitch has recognized the continued successful execution of our enterprise strategic plan with a positive outlook,” says Anurag Chandra, Constellation founder, chairman and CEO.

In the release Fitch remarked “The formation of AuguStar Financial aligns with the company’s enterprise growth strategy to create market leading life and annuity businesses offering a broad array of products distributed through institutional channels and independent marketing organizations.” Fitch also stated, “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.”

About Constellation Insurance, Inc.

Constellation Insurance, Inc., is a leading insurance holding company serving consumers and small business owners in United States and Latin America through its insurance subsidiaries, which include AuguStar Life Insurance Company, AuguStar Life Assurance Corporation, National Security Life and Annuity Company, Ohio National Seguros de Vida and certain other affiliated (re)insurance entities. Constellation’s investors and equal partners, CDPQ and Ontario Teachers’, are two of the largest long-term institutional investors in North America.