Fitch Ratings on Sept. 26 upgraded Chile's Ohio National Seguros de Vida SA's international insurer financial strength rating to BBB+ from BBB, and revising the rating outlook to stable from positive.
The upgrade follows a reassessment of the insurer, as Fitch now views it as an "important" subsidiary to parent company Ohio National Financial Services Inc., from the previous assessment of "limited importance." Fitch noted the parent company has put up an office in Latin America, thereby stepping up its involvement in its Chilean operations, Fitch noted.
Ohio National Seguros de Vida's rating is based on its moderate business profile and general competitive position, with $1.2 billion in assets under management, $82 million in equity, and a 1.9% market share in terms of assets under administration as of June, according to the rating agency.
