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Beyond the floor plans. Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our clients and shareholders. (Bloomberg) -- Canadian investment giant Brookfield is nearing a deal to acquire insurance firm American Equity Investment Life Holding Co., people with . Type a symbol or company name. For more information please visit our website at www.bamr.brookfield.com. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. (RTTNews) - Brookfield Asset Management Reinsurance Partners Ltd. (BAMR, BAMR.TO) has agreed to acquire American National Group, Inc. (ANAT) in an all-cash deal valued at approximately $5.1 billion. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Dont forget you can visit MyAlerts to manage your alerts at any time. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (American National) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (Brookfield Reinsurance) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1billion. Sachin Shah, Brookfield Res CEO, said in a statementthat the transaction represents a significant milestone in the continued expansion of our insurance business.. (Reuters) -Annuities provider American Equity Investment Life Holding said on Tuesday it has received a takeover offer from its biggest shareholder, valuing the long-sought merger candidate at nearly $4.3 billion. Picture taken April 14, 2021. and have not been previously reviewed, approved or endorsed by any other American National is a significant issuer of life insurance and annuities as well as of property and casualty insurance products in all 50 states and the District of Columbia. The stock had dipped 1% this year, as of last close. | Source: Your article was successfully shared with the contacts you provided. The transaction provides clear and immediate value for our stockholders at an attractive premium.. AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. "AEL will continue to create value over time via its strategy, or ultimately accept an offer," said Raymond James analyst Wilma Burdis, who had estimated a $53-plus deal price before Brookfield's offer was disclosed. Neither American National nor Brookfield Reinsurance undertakes any obligation to update, correct or otherwise revise any forward-looking statements. Additional Information and Where to Find It. As part of the agreement, each issued and outstanding share of American National common stock will be converted into the right to receive $190.00 in cash at closing of the merger. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Brookfield Asset Management Reinsurance Partners Ltd. agreed to buy American National Group Inc. for about $5.1 billion in cash, adding a company that offers products including life. Asset & Logo Licensing. The content Sustainability isn't just a box we check. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. 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Sachin Shah, Chief Executive Officer of Brookfield Reinsurance, said, The acquisition of American National represents a significant milestone in the continued expansion of our insurance business. Brookfield Affiliate Agrees to Pay $5.1B for American National, News Started in 1905 by William Lewis Moody Jr., American National is majority-owned by the founder's family, which controls the company through . We look at the craftsmanship of high end products from African American-owned companies and Black creators. Brookfield said it plans to keep American National's headquartersthe tall building at rightin Galveston, Texas. Looking for consistent, above-average investment income? If the deal with AEL is completed, it would boost Brookfield Reinsurance's assets under management to nearly $100 billion. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) American National Group, Inc. Kitco News. Website: www.tsxtrust.com, American Stock Transfer & Trust Company, LLC (New York) All content copyright Steve Evans Ltd. 2021 All rights reserved. The rest of the money would come in the form of Brookfield stock, which traded for about $31.50 per share Monday. Create new profile Already using online banking? RTTNews->. on this page is accurate as of the posting date; however, some of our partner offers may have expired. Management Information Circular (Franais), Management Information Circular and Proxy, Statement of Corporate Governance Practices, Evolving to offer the best of both worlds, Brookfield Reinsurance Submits Proposal to Acquire AEL for $4.3 Billion, Brookfield Announces Redemption of $550 Million Notes due April 1, 2024, Brookfield Corporation Announces Results ofAnnual and Special Meeting of Shareholders. AEL said its board will review the offer and a deal is not guaranteed. Brookfield Asset Management Reinsurance Partners Ltd. (NYSE: BAMR; TSX: BAMR) operates a leading reinsurance business focused on providing capital-based and annuity solutions for insurance and reinsurance companies, and pension risk transfer products for pension plan sponsors. Fax: 1-888-249-6189 Brookfield is a Toronto-based asset manager with about $600 billion in assets under management. June 27 (Reuters) - Canadian investment firm Brookfield's insurance arm has offered to buy American Equity Investment Life Holding in a deal valued at nearly $4.3 billion, the annuities provider . The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. I would like to thank our board of directors, particularly our strategic opportunities committee of independent directors, which conducted a thorough review of a range of strategic alternatives and possible business opportunities to maximize value for our stockholders. (Reuters) - Canadian investment firm Brookfield's insurance arm has offered to buy American Equity Investment Life Holding in a deal valued at nearly $4.3 billion . USA. Brookfield Re says it wants to keep expanding American National's business. Brookfield took a stake of roughly 20% in American Equity in October 2020, helping it to rebuff an unsolicited all-cash bid from fellow insurers Athene and Massachusetts Mutual Life Insurance . REUTERS/Chris Helgren Reuters. Shares of AEL hit a record high in morning trade and were last up 18% at $53.11. Aug 9 (Reuters) - Skadden, Arps, Slate, Meagher & Flom and Sidley Austin are among a quartet of law firms that are directing a Brookfield Asset Management unit's plans to purchase Galveston,. Customer Success Story: Bill Pay Used to Be Something to Be Avoided, Now It Is Something to Be Marketed, Customer Success Story: JFS Wealth Advisors Adds More Client Value, Creates Efficiency and Continues Compliance, 100 Ways to Grow Your Wealth Management Firm. The Corporation is focused on compounding capital over the long term to earn an annualized return of 15%+ for our shareholders. Sometimes, rumors are rumors for a reason. Jim Pozzi, President and Chief Executive Officer of American National, said, This is an energizing moment in American Nationals history. Brookfield Asset Management Reinsurance Partners Ltd. said Monday that it plans to buy Texas-headquartered insurer American National Group through a $5.1 billion deal steered by three law firms. American National will maintain its headquarters in Galveston, TX, its presence in League City, TX, and operating hubs in Springfield, MO and Albany, NY. Brookfield has bet aggressively on its reinsurance business. From offices to residences, our properties bring tomorrow to life. Following the execution of the merger agreement, stockholders representing more than a majority of the issued and outstanding shares of American National common stock delivered stockholder written consents adopting and approving the merger agreement. Get reinsurance news by email here. FILE PHOTO: A construction crane is seen above Brookfield's Bay Adelaide North, the third office tower to be constructed at their Bay Adelaide Centre complex property in Toronto, Ontario, Canada April 14, 2021. Brookfield Reinsurance has been very clear: They want us to continue to grow our business, together with our leadership team and our excellent team of employees and distribution partners, Pozzi said. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. ("American National&CloseCurlyDoubleQuote;) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. ("Brookfield Reinsurance&CloseCurlyDoubleQuote;) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American . Wink Inc. ranked it as being the 13th biggest issuer of individual whole life and the 31st biggest issuer of individual deferred annuities in the United States in the first quarter. We are excited to partner with them, and the dedicated American National employee base and distribution partners, as we look to further grow the business and maintain a strong franchise for the benefit of all stakeholders.. 07337195 Registered holders of our securities may choose to have their dividend payments deposited directly to their bank accounts. Brookfield Reinsurance plans to . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. We look at the craftsmanship of high end products from African American-owned companies and Black creators. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. American National released earnings for the second quarter Monday. American National will keep its headquarters in Galveston, Texas, and its current management. BAMs equity commitment will be funded by existing liquidity at the corporate level. Brookfield Reinsurance said on Monday, Aug. 9 that it intends to maintain American National's offices at Glenmont, where the insurance company employs approximately 570 people. Brookfield will pay $190 per share of American National, which represents a 55% premium to the $122.56-per-share price of ANAT on May 11, the last day before reports surfaced that American . +1-718-921-8124, American Stock Transfer Trust Company, LLC (New York) Brookfield Reinsurance (NYSE:BNRE) proposed to acquire American Equity Investment Life Holding (NYSE:AEL) for a combination of stock and cash that totals ~$55.00 per share for AEL in a transaction . Defense stocks can protect your portfolio during periods of economic uncertainty. At Brookfield, sound ESG practices are integral to building resilient businesses and creating long-term value for our investors and other stakeholders. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Brookfield Perspectives is a podcast exploring how we invest in the backbone of the global economy. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges. Each issued and outstanding share of American National common stock will be converted into the right to receive $190.00. Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our work energizes. Trading in extended hours can be a wild ride for novice investors. American Equity Investment Life Holding Co. shares soared to an all-time high after an arm of Canadian investment giant Brookfield made a cash and stock takeover bid valuing the insurance firm at about $4.3 billion. 2023 ALM Global, LLC, All Rights Reserved. American National Group Inc. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (American National) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (Brookfield Reinsurance) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1billion. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Our two companies share a long-term view of building strong, enduring businesses. American National Group, Inc.is the parent company of the American National companies, which include American National Insurance Company and its insurance affiliates. Premier African Minerals wants to resolve its lithium supply dispute with China's Canmax Technologies , the miner said on Friday, seeking to avert a lengthy legal battle that could disrupt operations. Management Information Circular and Proxy, Evolving to offer the best of both worlds. The companies hope to close on the deal by June 30, 2022. www.copyright.com. Or find and follow Reinsurance News on social media. Get in touch directly using our contact form. 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Each class A exchangeable share of Brookfield Reinsurance is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A). The Merger Consideration will be funded by Brookfield Reinsurance through a combination of committed debt and equity financing, including committed debt financing of $1.5billion and an equity commitment of up to the aggregate Merger Consideration from Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A) (BAM), which equity commitment will be reduced by the amount of debt funded at closing. Fitch Ratings - Chicago - 25 May 2022: Fitch Ratings has published the 'A' Insurer Financial Strength (IFS) rating of American National Insurance Company and its wholly owned subsidiary American National Life Insurance Company of New York. AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. (Reuters) -Brookfield Asset Management Inc's reinsurance unit has agreed to buy insurer American National Group Inc for about $5.1 billion in an all-cash deal, the companies said on Monday. It is subject to certain customary closing conditions, including antitrust clearance and receipt of insurance regulatory approvals, for a transaction of this type. The transaction provides clear and immediate value for our stockholders at an attractive premium.. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Brookfield Reinsurances Registration Statement on Form F-1 and American Nationals most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of American National and Brookfield Reinsurance on file with the SEC. June 26 (Reuters) - Canadian private equity firm Brookfield's reinsurance arm is nearing a deal to buy insurer American Equity Life Holding (AEL.N), a person familiar with the matter told Reuters . Sachin Shah, Chief Executive Officer (CEO) of Brookfield Reinsurance, commented: The acquisition of American National represents a significant milestone in the continued expansion of our insurance business. EX-2.1 2 ea145390ex2-1_americannat.htm AGREEMENT AND PLAN OF MERGER, DATED AS OF AUGUST 6, 2021, BY AND AMONG BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD., FREESTONE MERGER SUB INC. AND AMERICAN NATIONAL GROUP, INC Exhibit 2.1 . REUTERS/Chris HelgrenReuters. On August 9, 2021, American National announced that it had entered into an agreement to be acquired by Brookfield Reinsurance in a deal valued at approximately $5.1 billion. Supreme Court Throws Out Bidens Student-Loan Relief Plan, New John Hancock Retirement CEO Sees Growing Demand for Retirement Advisors, Allianz Life Aims for 401(k) Annuitization Market: Retirement Moves, Sammons Executive Joins IRI Executive Committee, DBRS Morningstar Looks at What CLOs Could Do to Annuities. See here for a complete list of exchanges and delays. If you wish to use this service, please contact our Transfer Agent, TSX Trust Company, to request a "Direct Deposit of Dividends" form. 26 May 2022 Share Brookfield Reinsurance has closed its acquisition of American National Group, a Galveston, Texas-based provider of life, health and property and casualty insurance, as well. Preferred Bank offers personalized banking options to both consumers and businesses, commercial, international and real estate lending solutions. Listen to free podcasts to get the info you need to solve business challenges! Jim Pozzi, President and Chief Executive Officer of American National, said, This is an energizing moment in American Nationals history. All subsequent written and oral forward-looking statements attributable to American National or Brookfield Reinsurance and/or any person acting on behalf of either of them are expressly qualified in their entirety by this paragraph. Written by The American National companies operate in all 50 states. Offering innovative, institutional-caliber investment expertise and solutions for the individual investor. All Shareholder Inquiries: Share & Print. 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. Brookfield Place in Toronto. We are excited to partner with them, and the dedicated American National employee base and distribution partners, as we look to further grow the business and maintain a strong franchise for the benefit of all stakeholders. June 27 (Reuters) - Annuities provider American Equity Investment Life Holding (AEL.N) said on Tuesday it has received a takeover offer from its biggest shareholder, valuing the long-sought merger candidate at nearly $4.3 billion. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Pursuant to the. American Nationals management team has a strong track record of stable growth and disciplined underwriting. Learn more about the launch of our publicly listed pure-play Alternative Asset Manager. Debt financing for the transaction will be provided by a syndicate of banks led by Bank of Montreal and Royal Bank of Canada. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. BAMs equity commitment will be funded by existing liquidity at the corporate level. Reach the largest reinsurance audience. Copy and paste multiple symbols separated by spaces. Today, our capital is deployed across three businesses Asset Management,Insurance Solutionsand our Operating Businesses,generating substantial and growing free cash flows, all of which is underpinned by a conservatively capitalized balance sheet. Brookfield Reinsurance (BNRE.N) has offered $55 for each share of AEL it does not already own. Although renewable energy is making inroads, the global economy still relies on petroleum products. Brookfield said it intends to keep the companys headquarters in Galveston, to keep the companys regional offices open and to maintain the companys community involvement. These three strategies can help extend the life of your savings throughout what could be a long retirement period. The National American board of directors unanimously approved this merger agreement with Brookfield Reinsurance. Additional Information and Where to Find ItIn connection with the proposed transaction, American National intends to file relevant materials with the Securities and Exchange Commission (the SEC), including American Nationals information statement in preliminary and definitive form.

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