NLD in sale of Zurich Chile to Ohio National Seguros de Vida

NLD Abogados has advised Zurich Chile on the sale of its annuities business to Ohio National Seguros de Vida, a subsidiary of US-based Constellation Insurance, Inc. with US$2.1 billion in assets and more than 38,000 pensioners.

The agreement, initiated by the parties in May 2023, was completed on December 2 following approval by the Financial Market Commission (CMF).

As a result of the transaction, Ohio Seguros moves into seventh place in the country’s life annuity sales pool, managing more than USD 3.3 billion in assets and paying out more than 55,000 pensions per month.

Having completed the regulatory procedures, Ohio National acquired a total of 206,145 shares issued by Zurich Chile, equivalent to 99.25% of the total subscribed and paid-up shares of Zurich Chile.

NLD’s team was represented by partners Paulo Larrain (pictured right) and Manola Quiroz (pictured left).