...Our credit view of Constellation Insurance, Inc. (Constellation; senior unsecured debt Ba1 stable) and its key life insurance subsidiaries Ohio National Life Insurance Co. (ONLIC; insurance financial strength (IFS) Baa1 stable) and Ohio National Life Assurance Corporation (ONLAC; IFS Baa1 stable), reflect the company's updated strategy focused on growing mortality, spread business and market risks through organic growth in multiple distribution channels and inforce transactions, proactively managing the risk associated with its inforce variable annuities (VA), and the financial support of Constellation Insurance, LP vis-a-vis its planned capital commitments. Constellation also prudently manages its investments and has improved its capital position. However, our view of Constellation's capital position extends beyond the RBC ratio, and we believe it is weaker when including captives. In addition, Constellation will rename its two core companies, AuguStar Life Insurance Company (AuguStar...