Debevoise Advises Constellation in Its $10 Billion Block Reinsurance Transaction with Prudential

1 June 2023

Debevoise & Plimpton LLP has advised 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 a $10 billion block reinsurance transaction by its subsidiary The Ohio National Life Insurance Company with Pruco Life Insurance Company, an affiliate of Prudential Financial. 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. 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$247.2 billion in net assets as of December 31, 2022.

The Debevoise team was led by insurance M&A partner Marilyn Lion and counsel Matthew Parelman and included associates Susie Kim and Niusha Tavassoli, and tax associates Elliott Tuchman and Robert Nelson-Sullivan.