Eligible members approve plan and sponsored demutualization
Eligible members approve plan and sponsored demutualization, March 11, 2022
Ohio National’s eligible members voted at today’s special meeting to approve the Company’s plan to convert to a stock company and be acquired by Constellation Insurance Holdings, Inc. (“Constellation”) through a sponsored demutualization. With this approval, we are moving forward to the next step in the regulatory process – a public hearing to be conducted by the Ohio Department of Insurance (ODI). This hearing is scheduled for March 18, 2022.
Within 7 to 10 days following the public hearing, we understand the ODI will issue an order regarding the transaction. Assuming the order approves the transaction and all other regulatory approvals have been received, we will proceed to finalize all the steps necessary to close the transaction and be acquired by Constellation. We are targeting to close the transaction on or about March 31, 2022.
Additional information and future updates can be found on our microsite at AdvancingOhioNational.com.