Advancing Ohio National
About the Transaction
The strategic transaction strengthens Ohio National’s financial position, enhances its market position and will facilitate future growth while augmenting the capital strength of Ohio National and its insurance company subsidiaries.
Update: Transaction timing
This transaction and sponsored demutualization are subject to customary conditions, including regulatory approvals and the approval of ONMH’s members at a special meeting to be called for such purpose. We have completed the initial steps of the transaction approval process.
In April, we filed documents with the Ohio Department of Insurance and other regulators to begin the review process for the transaction. As of early August, the Ohio Department of Insurance completed its review and examination of Ohio National Mutual Holdings and found that we met the statutory requirements to proceed to the next step. The next step is for the Ohio Department of Insurance to appoint an independent appraisal committee to conduct an analysis of the company valuation and consideration that will be offered to eligible members.
The department recently appointed an independent 3-person appraisal committee who are: (1) an actuary; (2) an investment banker; and (3) an attorney. When the appraisal committee completes their work, before we hold a special member meeting to vote on the transaction we will prepare and send eligible voting members an Information Statement which will include an estimate of their portion of the consideration (as cash or policy benefits). Currently, we are targeting the completion of the regulatory approvals and closing to occur by the end of 2021. However, this schedule is dependent on the appraisal committee finishing its work in time to allow us to complete the remaining steps necessary to close, including the member vote and the Ohio Department of Insurance holding a hearing to approve the transaction.
Update: Eligible member special meeting:
Eligible members of Ohio National will be provided with more details about the transaction, including an Information Statement and an estimate of their portion of the consideration (as cash or policy benefits), before a special meeting where they will be given the opportunity to vote on the transaction. Members will have at least thirty days’ notice of the meeting, which we anticipate will be held later this year, after completion of a number of steps in the regulatory process. For more information about the transaction as it becomes available, please check back here: AdvancingOhioNational.com.
The proxy voting ballot recently mailed to eligible members of Ohio National Mutual Holdings, Inc. (ONMH) is only for the annual election of the Board of Directors of ONMH. A proxy ballot for the approval of the Constellation transaction will be mailed to eligible members of ONMH at a later date.