AM Best Affirms Credit Ratings of AuguStar Life Insurance Company and Subsidiary

NOVEMBER 05, 2026 10:05 AM (EST)

AM Best Affirms Credit Ratings of AuguStar Life Insurance Company and Subsidiary

CONTACTS:

FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 05, 2026 10:05 AM (EST)
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of AuguStar Life Insurance Company (ALIC), which is referred to as AuguStar Life Group (AuguStar). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" (Excellent) of National Security Life and Annuity Company (NSLAC) (domiciled in New York, NY). These companies are the principal insurance subsidiaries of Constellation Insurance, Inc. (Constellation). In addition, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) of Constellation. Lastly, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of Constellation and ALIC. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Cincinnati, OH, unless otherwise specified. (See below for a detailed listing of the Long-Term IRs.)

The ratings of AuguStar reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). AuguStar continues to manage its risk-adjusted capital at the strongest level, as measured by Best Capital Adequacy Ratio (BCAR). This level is more than adequate for its insurance, investment and business risks covering its U.S. domestic and international company risks. The group manages its current life/annuity risks with a strong liquidity position and has financial flexibility through its membership in the Federal Home Loan Bank and through parent Constellation. AuguStar's strong operating performance is reflective of its diversified sources of revenue augmented by its growing distribution channels and expansion in domestic and international markets. All business risks are managed through a well-developed risk management program; its risk appetite and tolerances are embedded into areas such as strategic planning whereby management identifies and monitors its emerging and ongoing risks.

The ratings of NSLAC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, very limited business profile and appropriate ERM. The ratings also reflect AuguStar's commitment to NSLAC and its management of the run-off variable annuity block of business, with this risk mitigated through reinsurance. This subsidiary continues to be managed with the strongest level of risk-adjusted capitalization, as measured by BCAR, for its remaining risks and exhibits strong liquidity measures.

The following Long-Term IRs have been affirmed with stable outlooks:

Constellation Insurance, Inc.-

- "bbb+" (Good) on $425 million, 5.55% senior unsecured notes, due January 2030

- "bbb+" (Good) on $250 million, 6.625% senior unsecured notes, due May 2031

AuguStar Life Insurance Company-

- "a-" (Excellent) on $250 million, 6.875% surplus notes, due June 2042

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.