|By Marketwired .||
|June 23, 2014 05:30 PM EDT||
CINCINNATI, OH -- (Marketwired) -- 06/23/14 -- Ohio National Financial Services announced today that it has purchased 50 percent of Curitiba, Brazil-based Centauro Vida e Previdencia.
This joint venture will allow Ohio National to expand its presence into Brazil, leveraging the rapidly expanding life insurance marketplace in the largest economy in South America.
"There has been double digit life insurance premium growth in every major Latin American market over the past five years," said Gary T. "Doc" Huffman, Ohio National chairman, president and chief executive officer. "We believe that an expansion into Latin America will provide us opportunity for even faster growth and is one of our key corporate objectives.
Ohio National first expanded internationally with the 2000 purchase of Ohio National Seguros de Vida (formerly BHIFAmerica Seguros de Vida), which contributed more than nearly $20 million in individual life insurance sales in 2013.
Centauro has a leading presence in Brazil, primarily through the state-mandatory automobile liability insurance and DPVAT claims administration program. With the joint venture, the company will now be able to expand its life insurance product line.
"For the last 21 years, Centauro has developed a very positive image in the Brazilian insurance market and is now ready to take a leadership position," said Ricardo Iglesias Teixeira, Centauro president. "We are delighted to have Ohio National as a strong strategic partner because of its client focus and long-term business vision. We are very well aligned."
"Our entire team is very excited about this new opportunity," he added. "Our common goal is to form a leading company with excellent products, excellent service and a high level of security for our clients."
This represents the third expansion for Ohio National outside of the United States. In addition to the Chilean subsidiary, the company also formed ONSV Peru in late 2013 to participate in the mandatory public pension system with group disability coverage (known as SIS) and to further grow individual life insurance and annuity premiums.
"The Latin American market represents a growing middle class with new and additional needs for insurance products," said Christopher A. Carlson, Ohio National vice chairman and chief investment officer. "With the success of ONSV Chile, Ohio National can continue to transfer its management and insurance expertise built over the past decade. We are continuing to evaluate opportunities, reviewing 'best fits' in terms of corporate strategy, investment and opportunity."
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. Additional subsidiaries operate in New York and Connecticut. As of Dec. 31, 2013, its affiliated companies have $38.8 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation and National Security Life & Annuity Company in New York. Named Cincinnati's "#1 Top Workplace" (large category) by the Enquirer Media (June 2010, 2012, 2013 and 2014). Ohio National has more than 1,000 associates. Visit www.ohionational.com for more information.
Adrienne Gutbier, APR
One Financial Way
Cincinnati, Ohio 45242
Post Office Box 237
Cincinnati, Ohio 45201-0237
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