Debevoise & Plimpton LLP is advising Constellation Insurance Holdings, Inc., backed by institutional investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), in its acquisition of Columbian Mutual Life Insurance Company, as part of Columbian’s demutualization process. The strategic transaction provides for Constellation to invest up to $100 million to fund cash payments to eligible policyholders and to significantly strengthen capitalization and financial ratings of Columbian. The transaction is subject to customary conditions, including regulatory approvals and Ohio National’s policyholder approval. It is anticipated that the transaction will close in the first half of 2022. For more information, please see the company’s press release.
Debevoise is also advising Constellation in its acquisition of Ohio National, which was announced in March 2021.
Constellation is an insurance holding company targeting acquisitions of life and P&C insurers based in North America. Columbian offers high-quality, affordable life insurance protection to consumers in all 50 states, with $1.8 billion in assets and over 750,000 policyholders. CDPQ is a global investment group managing funds for public retirement and insurance plans. Ontario Teachers’ is the administrator of Canada's largest single-profession pension plan, with CA$221.2 billion in net assets as of December 31, 2020.
The Debevoise team is led by insurance M&A partner Drew Dutton and includes insurance M&A associates Susie Kim, Matthew Parelman and Sean Wagnon, employee benefits partner Jonathan Lewis and associate Zain Kazmi, tax associates Kimberly Lee and Robert Nelson-Sullivan, intellectual property associate Tigist Kassahun and litigation associates Michael Gramer and Daniel Joiner.