Transaction Timing

Constellation transaction timing update:

In August, the Ohio Department of Insurance (ODI) completed its review and examination of Ohio National Mutual Holdings. ODI found that we met the statutory requirements and they proceeded to the next step of identifying and appointing an independent appraisal committee to conduct an analysis of the company valuation and the consideration offered to eligible members. The appraisal committee consists of an independent actuary, valuation expert and attorney, each of whom was required to enter into consulting agreements before the appraisal committee could begin its work. The consulting agreements were finalized in September and the appraisal committee is preparing to begin its work. With the appraisal committee work now underway, we currently anticipate that, if approved by the members, the transaction will likely close in the first quarter of 2022.