Ohio National Seguros de Vida S.A. entered into an agreement to acquire Zurich annuity business in Chile from Zurich Insurance Group AG (SWX:ZURN) on May 8, 2023. The business consists of an annuity portfolio of approximately $2.6 billion in reserves held in Chile. The transaction is subject to customary conditions including regulatory approvals.

The transaction is expected to to close in early 2024. BNP Paribas Securities Corp. acted as financial advisor to Constellation Insurance Inc. Maria-Leticia Ossa Daza and team of Willkie Farr & Gallagher LLP acted as legal advisors to Zurich Insurance Group AG in this transaction.

Jaime Munro and Cristóbal Larrain of Baker McKenzie acted as legal advisors to Ohio National Seguros de Vida S.A.