Ohio National to Become AuguStar Life

The company that bought Ohio National is changing the company’s name to AuguStar Life and getting ready to sell new life insurance products.

Constellation Insurance announced Monday that AuguStar Life will sell indexed universal life and indexed whole life through agents and independent marketing organizations. Clients can use those products in retirement income planning, long-term care planning and other long-term planning as well as to provide a death benefit.

The Cincinnati-based company will also sell term life and bank-owned life insurance.

The coverage will be written at first by Ohio National Life Assurance Corp. and The Ohio National Life Insurance Company. Constellation said it expects the Ohio National to change their names to AuguStar Life Insurance Company and AuguStar Life Assurance Corp. by the end of the year.

What It Means

Many new players in the U.S. financial services market want to sell or reinsure annuities, but some are still interested in offering your clients life insurance.

Constellation

Ohio National was a well-established insurer and a major issuer of annuities. It ran into turbulence in 2018, when it ended the sale of new variable annuities and suspended the payment of trail commissions.

Constellation is a four-year-old company backed by two Canadian pension asset investment groups, the Caisse de Dépôt et Placement du Québec and the Ontario Teachers’ Pension Plan Board.