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Constellation’s Chilean subsidiary to acquire $2.6 bn annuity portfolio from Zurich

9th May 2023 - Author: Akankshita Mukhopadhyay

Constellation Insurance Holdings, Inc.’s (Constellation) Chilean subsidiary, Ohio National Seguros de Vida S.A., has entered into an agreement to acquire Zurich Insurance Group’s (Zurich) annuity portfolio of nearly $2.6 billion in reserves held in Chile.

Ohio National Seguros de Vida S.A., which has been operating in Chile since 1993, offers a range of life insurance solutions to safeguard individuals, families, and businesses across the country.

Zurich, a prominent global insurance provider operating in over 200 countries and territories, has a rich history spanning 150 years. In 1991, Zurich expanded its operations into the Chilean market through the acquisition of a majority stake in La Chilena Consolidada, a local insurance company founded in 1853.

Anurag Chandra, the Founder, Chairman, and CEO of Constellation, expressed his enthusiasm for the transaction, stating, “Today’s announcement marks another important step for Constellation as we execute our growth strategy across segments through organic growth and inorganic investments.”

“Our Latin American operations, along with our US life insurance and annuity segments, are increasingly forming an integral part of the organization.”

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David Azzarito, Senior Vice President for Latin America and Board President of Ohio National Seguros de Vida S.A., emphasized the benefits of the acquisition, stating, “This significant portfolio acquisition furthers our goal to expand our Chilean market position.”

“Our Chilean company will emerge stronger financially. It also better positions us to service our policyholders, with nearly US$4 billion in local assets.”

The completion of the transaction is subject to customary conditions, including regulatory approvals. BNP Paribas Securities Corp. served as financial advisor on the transaction to Constellation Insurance Inc.

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