Fitch Ratings upgrades Constellation’s Insurer Financial Strength rating

Constellation Insurance, Inc., announced 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.