The financial terms of the transaction, which was first reported in May 2023, have not been disclosed. Credit: Yuganov Konstantin/Shutterstock.

Ohio National Seguros de Vida – Chile, a Latin American subsidiary of Constellation Insurance, has completed the acquisition of Zurich Insurance Group‘s $2.1bn annuity business in Chile.  

This move propels Ohio National Seguros de Vida – Chile into the position of the seventh-largest player in the market, with assets under management exceeding $3.3bn (3.23trn pesos) and a customer base of more than 55,000 annuitants. 

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The financial terms of the transaction, which was first reported in May 2023, have not been disclosed. 

Constellation CEO, chairman and founder Anurag Chandra said: “This transaction is a significant step forward in our vision to build market-leading businesses across all segments of the organization. With the closing of this transaction, our Latin American business now has the scale and market position to form an increasingly integral part of our diversified enterprise growth strategy.” 

Constellation Latin America president David Azzarito said: “By capitalizing on organic and inorganic growth opportunities, we are able to enhance our Chilean market position and ability to expand upon our 30-plus year commitment in Latin America.” 

Zurich initially entered the Chilean insurance markets in 1991 by acquiring a majority stake in the local insurance company La Chilena Consolidada.  

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Constellation Insurance, backed by institutional investors such as CDPQ and Ontario Teachers’ Pension Plan Board, serves consumers and small business owners across the US and Latin America.  

It acquired Cincinnati-based Ohio National Mutual Holdings and its subsidiary Ohio National Financial Services for $1bn in 2021.