May 9, 2023

Willkie represented Zurich Insurance Group in the sale of an annuity portfolio of approximately $2.6 billion in reserves held in Chile to Ohio National Seguros de Vida S.A., a Chilean subsidiary of Constellation Insurance Holdings, Inc.
The transaction, announced May 8, enables Ohio National to expand its Chilean market position, increasing its local reserves to approximately $4 billion. 
Zurich is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich entered the Chilean market in 1991 when it acquired a majority participation on La Chilena Consolidada, a local insurance company founded in 1853.
Willkie previously advised Zurich in numerous transactions, including the acquisition of QBE’s Latin American operations and the acquisition of EuroAmerica’s life insurance businesses and long-term savings operations in Chile. The firm also represented Zurich in connection with the acquisition of 19 travel insurance providers in Latin America. 

The Willkie team was led by partner Maria-Leticia Ossa Daza and included associate Rubini Wu and law clerk Josefina Ayala Wilkins.