NLD Abogados assisted Zurich Chile in the sale of its annuities business to Ohio National Seguros de Vida, a subsidiary of the U.S.-based group Constellation Insurance, Inc., which manages assets worth USD 2.1 billion and serves over 38,000 retired people.

The agreement, initiated in May 2023, was completed on Monday, December 2, after the approval from the Financial Market Commission (CMF). As a result of the transaction, Ohio Seguros now ranks seventh in annuity reserves in Chile, managing more than USD 3.3 billion in assets and paying over 55,000 pensions monthly.

“This was a highly complex transaction that required the coordination of various specialists and workgroups across different areas. I’m grateful that to our client Zurich for once again placing their trust in us and to the entire NLD team that contributed to achieving a highly successful closing,” commented Paulo Larrain, who led the transaction alongside Manola Quiroz.

After the conclusion of the regulatory procedures, Ohio National acquired a total of 206,145 shares issued by Zurich Chile, representing 99.25% of the company’s total subscribed and paid shares.