Acquired portfolio has approx. $2.6 billion in reserves
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Constellation Insurance coverage Holdings’ Chilean subsidiary, Ohio Nationwide Seguros de Vida S.A., has introduced that it’s buying Zurich Insurance coverage Group’s annuity portfolio in Chile. The portfolio has roughly US$2.6 billion in reserves and can assist Constellation to increase its market place within the nation.
Ohio Nationwide Seguros de Vida S.A. has been offering life insurance coverage options in Chile since 1993 and holds native credit score scores of “AA” from each ICR and Fitch Chile.
With this acquisition, the corporate’s complete native reserves will improve to roughly US$4 billion.
This acquisition is according to Constellation’s development technique to increase its operations by way of natural development and inorganic investments.
The corporate’s Latin American operations have gotten an integral a part of the group, along with its US life insurance coverage and annuity segments.
David Azzarito, Senior Vice President for Latin America and Board President of Ohio Nationwide Seguros de Vida S.A., believes that this acquisition will strengthen the corporate financially and assist it to higher serve its policyholders.
The transaction is topic to regulatory approvals, and BNP Paribas Securities Corp. served as monetary advisor to Constellation Insurance coverage Inc. on the transaction.
Zurich Insurance coverage Group is a number one multi-line insurer with a presence in over 200 international locations and territories. It entered the Chilean market in 1991 after buying La Chilena Consolidada, a neighborhood insurance coverage firm based in 1853.
The sale of its annuity portfolio in Chile is a part of Zurich’s technique to optimize its portfolio and give attention to worthwhile development in its core markets.
Constellation Insurance coverage Holdings is backed by institutional buyers CDPQ and Ontario Lecturers’ Pension Plan Board (Ontario Lecturers’).
The corporate is dedicated to offering complete insurance coverage options to people, households, and companies.
With this acquisition, it’s anticipated to strengthen its market place in Chile and additional its development technique within the Latin American market.
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