Brookfield Reinsurance increases its stake in American Equity Investment Life Holding Company
BROOKFIELD, NEWS, Jan. 07, 2022 (GLOBE NEWSWIRE) — Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) (together with its affiliates, “Brookfield Reinsurance”) announced today that it has purchased an additional 6,775,000 shares of common stock of American Equity Investment Life Holding Company (NYSE: AEL) (“AEL ”), bringing its total combined stake in AEL to approximately 16%. The share purchase took place pursuant to the terms of the previously announced investment agreement between Brookfield Reinsurance and AEL following the receipt of required regulatory approvals on December 29, 2021. Brookfield Reinsurance acquired the additional shares at a price of $37.33 per share, being AEL’s adjusted book value as of September 30, 2021, for total consideration of approximately $253 million.
About Brookfield Reinsurance
Brookfield Asset Management Reinsurance Partners Ltd. (NYSE: BAMR; TSX: BAMR) operates a leading reinsurance business focused on providing capitalization and annuity solutions for insurance and reinsurance companies, and pension risk transfer products for sponsors pension plans. Each Class A Exchangeable Share of Brookfield Reinsurance is exchangeable for one share for one Class A Limited Voting Share of Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A).
For more information, please visit our website at bamr.brookfield.com or contact:
Notice to readers
Brookfield Reinsurance is not making any offer or invitation of any kind through the communication of this press release and should not be construed as a prospectus or advertisement.
Some of the information in this document is based on or derived from information provided by independent third party sources. Although Brookfield Reinsurance believes this information to be accurate as of the date it was produced and the sources from which this information was obtained are reliable, Brookfield Reinsurance makes no representations or warranties, express or implied, with respect to relates to the accuracy, reasonableness, or completeness of any information or assumptions on which such information is based contained herein, including, but not limited to, information obtained from third parties.