Please tell us what you liked about it. As consideration for each AEL share, shareholders will receive $38.85 in cash and a number ofBrookfield Asset Management Ltd. (NYSE, TSX: BAM) (BAM) class A limited voting shares (BAM Shares) having a value equal to $16.15 based on the unaffected 90-day VWAP as of June 23, 2023, resulting in total consideration of $55.00 per AEL share, subject to adjustment in certain circumstances as set forth in the proposal, a copy of which is attached hereto. Daily content from Financial Times, the world's leading global business publication. Brookfield Re estimated that the offer gives American Equity a value of about $4.3 billion. Ryan Smith. Brookfield Reinsurance to Acquire Insurer Argo Group in $1.1B Deal The American Equity Board is reviewing the proposal and have made no further comments. WEST DES MOINES, Iowa, June 27, 2023--(BUSINESS WIRE)--American Equity Investment Life Holding Company ("American Equity") (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today issued the following statement regarding the acquisition proposal it received from Brookfield Reinsurance Ltd. ("Brookfield Reinsurance"): "American Equitys Board of Directors today confirmed that it has received a proposal from Brookfield Reinsurance to acquire all outstanding shares of American Equity that Brookfield Reinsurance does not already own for $55.00 per share comprised of $38.85 per share in cash and $16.15 per share in Brookfield Asset Management Ltd. (NYSE, TSX: BAM) ("BAM") Class A limited voting shares (the "BAM Shares"), based on the unaffected 90-day volume-weighted average price as of June 23, 2023. Both companies said there was no guarantee that an agreement will be reached. All Rights Reserved. Under the proposal terms, Brookfield Reinsurance is offering to pay $55.00 per share comprising of $38.85 per share in cash and $16.15 per share of Brookfield Asset Management Ltd. (BAM) shares . Brookfield Reinsurance Submits Proposal to Acquire AEL for $4.3 Billion Shareholders are encouraged to read the Brookfield CEO letter to shareholders and the Prospectuses regarding Brookfield Reinsurance which are available on Brookfield Reinsurances website. Holders of BAMs class A and class B limited voting shares received on class A exchangeable limited voting share of Brookfield Reinsurance for every 145 class A and B shares held. Contact Data. Howard New You can now listen to Carrier Management articles! Paul Forestell is a Managing Partner in Brookfield's Insurance Solutions Group and Chief Operating Officer of Brookfield Reinsurance Ltd. At American Equity Investment Life Holding Company, our policyholders work with over 40,000 independent agents and advisors affiliated with independent market organizations (IMOs), banks and broker-dealers through our wholly-owned operating subsidiaries. Bank of Canada survey says fewer businesses and consumers see it happening, How to solve Canada's slow-moving retirement crisis, The case for ending the Bank of Canada's interest rate hikes now, tap here to see other videos from our team. . The holders of Brookfields class A and class B limited voting shares received one class A exchangeable limited voting share of Brookfield Reinsurance (an exchangeable share) for every 145 Brookfield class A and class B limited voting shares held. Get email updates from your favourite authors. Under the non-binding . Unauthorized distribution, transmission or republication strictly prohibited. Distribution and use of this material are governed by Follow Invezz on Telegram, Twitter, and Google News for instant updates >. For full-year 2021 (the most recent FY results), Argo reported a net loss attributable to common shareholders of $4.7 million compared to a net loss attributable to common shareholders of $58.7 million in 2020. Brookfield Reinsurance Closes $10 Billion Reinsurance Deal with Brookfield Asset Management Reinsurance Partners to Acquire - GlobeNewswire Through its operating subsidiaries, Brookfield Reinsurance provides annuity-based reinsurance products to insurance and reinsurance companies and also acts as a direct issuer of pension risk transfer products for pension plan sponsors. Further details regarding the operations of Brookfield Reinsurance are set forth in its regulatory filings. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Brookfield Reinsurance Ltd.; Brookfield Asset Management Ltd Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. A welcome email is on its way. Copyright 2023 The Globe and Mail Inc. All rights reserved. Brookfield Reinsurance Submits Proposal to Acquire AEL for $4.3 Billion BROOKFIELD, NEWS, June 27, 2023 (GLOBE NEWSWIRE) -- Brookfield today announced that following close of . About Brookfield Reinsurance. It is important to note that there is no guarantee that an agreement will be reached or on what terms.". Previously, he was President and CEO of Brookfield Annuity, a life insurance company focused on helping organizations manage their defined benefit . Brookfield Reinsurance Announces 2022 Results and Declares Regular RTTNews.com for Brookfield expects the acquisition to boost its overall assets under management to about $900 billion. In the event that the 10-day VWAP of BAM Shares (measured five business days prior to closing of the transaction) (the BAM Final Stock Price) would result in the aggregate consideration per AEL Share being less than $54.00, the number of BAM Shares delivered for each AEL Share will be increased such that the value of the aggregate consideration delivered for each AEL Share will be equal to $54.00. Brookfield Reinsurance Submits Proposal to Acquire AEL for $4.3 Billion For more information, please contact: Media - American National: Deborah Janson Tel: (409) 621-7711 Investors - American National: Brody Merrill Tel: (409) 766 - 6826 Media . Wajeeh has 5. The number of BAM Shares to be issued at closing is subject to adjustment, which will result in the aggregate value of the consideration as of the closing of the transaction being not less than $54.00 and not greater than $56.50 per share based on BAMs stock price shortly preceding the closing. The Company disclaims any obligation or intention to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Brookfield Reinsurance Ltd. ("Brookfield Reinsurance") operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. Brookfield Reinsurance Ltd. BNRE-T has made a stock-and-cash offer to buy American Equity Investment Life Holding Co. AEL-N that values the company at US$4.3-billion. We apologize, but this video has failed to load. Brookfield Reinsurances board of directors currently comprises four members: Shah, who serves as chair; William J. Cox; Gregory Morrison; and Anne Schaumberg. Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts. The Latest Wave to Hit Florida: What is a Meteotsunami? Accordingly there will be no net new issuance of shares of BAM1, BN or BNRE and no dilution to BAM,BN or BNRE shareholders as a result of this transaction. We are extremely grateful to our employees and distribution partners for their unwavering support and dedication, and [we] look forward to working with them as American National identifies opportunities for organic and strategic growth., Copyright 2023 KM Business Information US, Inc, The acquisition was first announced in August 2021, Brookfield Reinsurance announces Q3 results, makes board changes, 'Insurance is in my blood' UIP CEO on taking the reins of the family business, "My risk awareness skills are perfectly suited for racing" - INSTANDA CEO, Big "I" apologizes for remarks during CEO's talk with Fox News host, Canopius launches cyber incident response team, Brookfield Reinsurance completes $5.1 billion purchase of American National Group. The proposal represents a premium of 35% to the closing price as of June 23, 2023, the last trading day prior to delivery of the letter, and a 42% premium to the 90-day volume weighted average price (VWAP) as of the same date, in each case, for the AEL common shares. In premarket activity, shares of American Equity are trading at $51 up 13.08% or $5.90 on the New York Stock Exchange. AEL Gets Buyout Proposal From Brookfield Reinsurance; AEL - Nasdaq National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Brookfield Asset Management Reinsurance Stock Ownership - Who Owns Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our clients and shareholders. We are excited to be launching Brookfield Reinsurance, which establishes a scalable platform for our growing insurance businesses and provides investors with an alternative, efficient means through which to hold an interest in Brookfield, said Sachin Shah, CEO of Brookfield Reinsurance and Chief Investment Officer of Brookfield. Sign-up in minutes. Brookfield Reinsurance Ltd. (NYSE/TSX: BNRE) (BNRe or we) is pleased to submit this non-binding proposal to acquire all of the outstanding shares of common stock of American Equity Investment Life Holding Company (AEL or the Company) not already owned by BNRe for aggregate consideration of $55.00 per AEL share to be paid in the form of cash and stock of Brookfield Asset Management Ltd. (NYSE/TSX: BAM) (Brookfield), as described in more detail below (the Proposal). Brookfield Reinsurance Partners, the recent spin-off of Brookfield Asset Management, agreed to buy insurance company American National Group for $5.1 billion in an all-cash deal. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Sachin Shah, CEO of Brookfield Reinsurance, said the reinsurer will use its expertise and resources to enhance American National's capital strength and support its ongoing commitment to policyholder and customer service. February 8, 2023 by L.S. Demonstrates Brookfield Reinsurance's leading capacity to deliver capital and investment solutions for U.S.-based insurers. According to analysts at Truist Securities, the deal, if it indeed materialises, is unlikely to face antitrust concerns. Brookfield Asset Management Reinsurance Partners Ltd. was established by Brookfield Asset Management to own and operate a leading reinsurance business focused on providing capital-based solutions to insurance companies and their stakeholders. This copy is for your personal, non-commercial use only. Board of Directors | Brookfield Property Partners We employ a disciplined investment approach, leveraging our global reach and the scale and flexibility of our capital, to identify proprietary opportunities to invest on a value basis. The distribution has increased each year since it came public in 2011 . Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE) operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. This press release may contain "forward-looking statements" within the meaning of the federal securities laws. The acquisition of Argo represents another milestone in the continued expansion of our insurance solutions business. 1 BN will source the share consideration from a portion of its existing 1.2 billion shares that it currently owns in BAM's asset management . In its press release, American Equity confirmed that its board will review the proposal with advisers and wont make any further comments until then. American Equity will have no further comment on the proposal until the Board has completed its review. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Brookfield Seeks Hard-to-Get Prize in American Equity Deal Brookfield reinsurance unit to buy American National for $5.1 bln We are excited to be launching Brookfield Reinsurance, which established a scalable platform for our growing insurance businesses and provides investors with an alternative, efficient means through which to hold an interest in Brookfield, said Sachin Shah, CEO of Brookfield Reinsurance and chief investment officer of BAM. The offer price marks a 35% premium to AEL's closing price on Friday, before media reports on a possible . Under the proposal terms, Brookfield Reinsurance is offering to pay $55.00 per share comprising of $38.85 per share in cash and $16.15 per share of Brookfield Asset Management Ltd. (BAM) shares based on the unaffected 90-day volume-weighted average price as of June 23. The words will, expect, anticipated or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects, and which do not relate to historical matters, identify forward-looking statements. Brooklyn, NY 11219. (RTTNews) - American Equity Investment Life Holding Company (AEL) on Tuesday has said that it received a buyout proposal from Brookfield Reinsurance Ltd. (BNRE) to acquire the remaining stake in AEL not owned by Brookfiled Reinsurance already. We then utilize our deep operating expertise, based on our 100+ year history as an owner and operator of real assets, to grow cash flows and create value in each of our businesses to generate strong risk-adjusted returns across market cycles. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges. Given the complementary nature of AELs annuity business to BNRes existing re/insurance platform, we also expect our Proposal will deliver significant value to the Companys policyholders, employees, distribution partners, and other stakeholders. This deal comes on the heels of Westfields acquisition of Argo Underwriting Agency and its Lloyds Syndicate 1200. Brookfield Reinsurance makes takeover offer for American Equity Factors that could cause actual results of Brookfield or Brookfield Reinsurance to differ materially from those contemplated or implied by the statements in this news release as well as other risks and factors described in the documents filed by Brookfield with securities regulators in Canada and the United States including under Risk Factors in Brookfields most recent Annual Report on Form 40-F (as amended by Amendment No.1) and other risks and factors that are described therein and in the U.S. registration statement and Canadian prospectus of Brookfield Reinsurance filed in connection with the distribution of the exchangeable shares. Additional Information and Where to Find It. Brookfield Asset Management Partners (BAM) and Brookfield Asset Management Reinsurance Partners have jointly announced that Brookfield has completed the previously announced launch . Each exchangeable share is exchangeable for a BAM class A limited voting share or its cash equivalent, BAM said. Homepage | Brookfield Reinsurance Leadership | Brookfield In such circumstance, BNRe may elect, in its sole discretion, to substitute cash consideration in lieu of all or any portion of the BAM Share consideration; provided that in the event that BNRe elects to substitute cash for less than all of the BAM Share consideration, the BAM Share consideration must have an aggregate value of not less than $200 million. About Brookfield Reinsurance. However, American National will maintain its headquarters in Galveston, Texas; its presence in League City, Texas; and operating hubs in Springfield, Missouri and Albany, New York. Brookfield Reinsurance also looks forward to continuing American Nationals longstanding involvement with its local communities. Consistent with the AEL 2.0 strategy, Brookfield Reinsurance will continue to focus on meeting the needs of AEL policyholders and clients while delivering high quality customer service. /s/ Sachin Shah ___________________________Sachin ShahChief Executive Officer. Photo: Galit Rodan/Bloomberg News. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Insurance Solutions | Brookfield For beneficial shareholders who hold their Brookfield shares in an account with a broker or other intermediary, their account will be automatically updated to reflect the receipt of the exchangeable shares. The BAM Share consideration to be delivered in this transaction is beingcontributed to BNRe by Brookfield Corporation (NYSE: BN) (BN) from its existing ownership interest. For more information, please visit www.american-equity.com. 2021 Annual Report | Brookfield Although Brookfield and Brookfield Reinsurance believe that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control. . Annuity players like AEL are a natural fit for larger asset managers. For more information, please visit our website at www.brookfield.com or contact: Note: This news release contains forward-looking statements and information within the meaning of applicable securities laws, including within the meaning of the safe harbor provisions of the U.S.