NSLAC is a joint venture, which is approximately 80% owned by ONFS
and 20% owned by Security Mutual Life Insurance Company of New York, and markets variable annuity products within the state of New York.
Best also has revised the outlook to negative from stable and affirmed the ICR of "a-" and debt rating of "a-" on the senior unsecured notes of ONFS
However, it recognizes that, as part of a mutual holding company structure, ONFS can also access the capital markets to issue equity.
ONFS is a Cincinnati-based stock holding company with $14 billion in consolidated GAAP assets and $1 billion in equity as of June 30, 2004.
reported total assets under management of $18.
continues to effectively execute on its strategy of organic growth in its core businesses, selling traditional life, fixed and variable annuities.
Fitch expects ONFS
to use approximately $100 million of the proposed issue to bolster Ohio National Life Insurance Company's (ONLIC) capital position and support its continued growth objectives.
Standard & Poor's expects ONFS
to distribute the proceeds as follows: $100 million to be used to make a capital contribution to ONLIC and $50 million to buy back existing senior notes at ONFS
at more favorable rates.
has developed a secure position in the mid-western and mid-southern regions by focusing on the sale of value-added products through distinct career agency and PPGA distribution forces.
The rating on ONFS
primarily reflects its relationship to Ohio National Life Insurance Co.
is expected to contribute $50 million to ONLIC, ONFS
' lead life insurance company.