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 as annuities. The all-cash deal was valued at about $5.1 billion. Brookfield said the deal provides a multi-line platform for further growth in the United States.
BROOKFIELD NEWS, May 25, 2022 (GLOBE NEWSWIRE) — Brookfield Reinsurance has completed its acquisition of American National in an all-cash transaction valued at approximately $5.1 billion.
Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding shares of American National Group, Inc. at a price of $190 per share.
Brookfield Reinsurance plans to build on American National’s strong track record of stable growth and disciplined underwriting. American National will maintain its headquarters in Galveston, TX, its presence in League City, TX, and operating hubs in Springfield, MO and Albany, NY.
Sachin Shah, Chief Executive Officer of Brookfield Reinsurance, said, “We look forward to building on American National’s strong franchise and delivering value for the benefit of all stakeholders, including employees and distribution partners. Brookfield Reinsurance will use its industry leading expertise and resources to enhance American National’s capital strength and support its ongoing commitment to policyholder and customer service.”
Jim Pozzi, President and Chief Executive Officer of American National, said, “Since our announcement last August, we have directly observed Brookfield Reinsurance’s commitment to maintaining well-capitalized insurance companies and its emphatic commitment to policyholder protection and customer service. We are extremely grateful to our employees and distribution partners for their unwavering support and dedication, and look forward to working with them as American National identifies opportunities for organic and strategic growth.”
American National provides Brookfield Reinsurance with a multi-line platform for further growth in the United States.
About Brookfield Reinsurance:
Brookfield Asset Management Reinsurance Partners Ltd.(NYSE, TSX: BAMR) provides capital solutions for insurance and reinsurance companies, and pension risk transfer products for Canadian pension plan sponsors. 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).