Debevoise Advised Constellation in Its Acquisition of and $500 Million Capital Contribution to Ohio National

1 April 2022

Debevoise & Plimpton LLP has advised Constellation Insurance Holdings, Inc. (Constellation), backed by institutional investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), in its acquisition of and $500 million capital contribution to, Ohio National Financial Services, Inc., as part of Ohio National’s demutualization process. For more information, please see the company’s press release.

Constellation is an insurance holding company targeting acquisitions of life and P&C insurers based in North America. Ohio National is a life insurance provider that helps its policyholders achieve financial security and independence. 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$241.6 billion in net assets as of March 14, 2022.

The Debevoise team was led by insurance M&A partner E. Drew Dutton and included partner Marilyn Lion, counsel Eugene Benger and Matthew Parelman and associates Joseph Kaminsky and Susie Kim, finance partners Byungkwon Lim and Ramya Tiller and associates Victoria Brown and Temitayo NeneAqua Umoren, benefits partner Jonathan Lewis, tax partner Peter Furci and associates Sabrina Hsieh and Robert Nelson-Sullivan, banking partner Jeff Robins, investment management partner Marc Ponchione, CFIUS regulatory partner Ezra Borut and of counsel Jeffrey Cunard, intellectual property associate Tigist Kassahun, antitrust counsel Kyra Bromley, and litigation partner Susan Reagan Gittes and associate Daniel Joiner.