Ohio National Mutual Holdings, Inc. and its wholly owned subsidiary Ohio National Financial Services, Inc. successfully completed its sponsored demutualization transaction with Constellation Insurance Holdings, Inc.
Following the approval of the transaction by member vote on March 11, 2022, ONMH has converted to a stock company, renamed Ohio National Holdings, Inc. and has become an independently managed subsidiary of Constellation. Ohio National Financial Services, Inc. remains a subsidiary to ONH (collectively referred to as Ohio National). Ohio National will maintain its brand, management team and infrastructure, and will continue to be headquartered in Cincinnati, Ohio.
As part of the transaction, Constellation has committed to contribute $500 million of capital into Ohio National Life Insurance Company over a four-year period, further strengthening Ohio National’s strong capital position and ability to fulfill its obligations, as well as to invest in organic and inorganic growth opportunities.
Agam Capital Management, LLC, an insurance provider and strategic partner to Constellation, brings substantial variable annuity risk management and insurance industry expertise, which significantly strengthens Ohio National’s ability to capitalize on inorganic growth opportunities.
Sidley Austin LLP served as legal counsel to Ohio National and Debevoise & Plimpton LLP served as legal counsel to Constellation on this transaction. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Ohio National and its Board of Directors.
Topics Mergers & Acquisitions Ohio
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