Sidley is representing Ohio National Mutual Holdings, Inc. (ONMH) and its subsidiary, Ohio National Financial Services, Inc. (collectively, Ohio National) in a strategic transaction with Constellation Insurance Holdings, Inc.
The deal involves the conversion of ONMH to a stock company and the issuance of all of its newly issued stock to Constellation pursuant to a sponsored demutualization, which provides for Constellation to fund cash payments or policy benefits in the aggregate amount of US$500 million. Constellation and its investors are also providing a commitment to infuse an additional US$500 million of capital over four years following the closing of the transaction.
According to the parties involved, the deal will strengthen Ohio National’s financial position, enhance its market position, facilitate future growth, and augment the capital strength of the company and its subsidiaries.
Ohio National is a leading provider of financial services and Constellation is an insurance holding company backed by Caisse de dépôt et placement du Québec and Ontario Teachers’ Pension Plan Board, two of the world’s largest, premier, long-term institutional investors.
The Sidley team is led by Brian Fahrney (M&A), Sean Carney (Insurance), and Ian Helmuth (M&A), and includes Jeremy Carroll, Stephanie Dobecki, Katie Yonover, Christa Nipper, Byron Patton, Anna Williford (Insurance), Lauren Gallagher, P.C. Wang (Employee Benefits), Terri Reuter (Labor and Employment), Peter Edgerton, and Lee Christie (Tax).