Brookfield Appoints Michael McRaith Vice Chairman of Insurance Solutions Business
BROOKFIELD NEWS, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Brookfield today announced the appointment of Michael McRaith as Vice Chair of its Insurance Solutions business. In this newly created role, Mr. McRaith will participate in all aspects of Brookfield's global insurance operations.
Brookfield's Insurance Solutions business is focused on providing capital and investment solutions that match assets and liabilities for the benefit of policyholders and other stakeholders. Leveraging Brookfield's extensive expertise and capacity across real estate, infrastructure, renewable power and private credit, Insurance Solutions partners with leading insurers to develop portfolios with high-quality investments that generate attractive, risk-adjusted returns for insurers, policyholders, beneficiaries and other stakeholders.
Sachin Shah, CEO of Brookfield Reinsurance and head of Brookfield's Insurance Solutions business, said, "We are pleased to welcome Michael as a key addition to our leadership team during a time of increasing growth for our business. He brings years of invaluable experience that will benefit our longstanding institutional insurance investors and support the development of new partnership and investment opportunities as we further grow our insurance platform."
Mr. McRaith served for nearly six years as the first Director of the Federal Insurance Office in the U.S. Department of the Treasury, where he had several national and global leadership roles. Before joining Treasury, he served for more than six years as the Director of the Illinois Department of Insurance, including as an officer of the National Association of Insurance Commissioners. Mr. McRaith, a lawyer in private practice in Chicago before his government service, joins Brookfield from Blackstone, where he was most recently a Managing Director.
Brookfield Reinsurance was established by Brookfield Asset Management to serve as a new, publicly traded platform for its growing insurance business. In August 2021, Brookfield Reinsurance announced an agreement to acquire American National Group, Inc. (NASDAQ:ANAT) for $5.1 Billion, which is expected to close in the first half of 2022. In October 2021, Brookfield Reinsurance announced the closing of a $10 billion reinsurance arrangement with American Equity Investment Life Insurance Company (AEILIC), a subsidiary of American Equity Investment Life Holding Company (NYSE:AEL) (AEL). Brookfield Reinsurance holds an approximate 9.8% equity interest in AEL and has agreed to purchase additional shares of AEL's common stock for a total equity interest of up to 19.9% (and not less than 15%).
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. 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). For more information, please visit our website at bamr.brookfield.com.
| Media Kerrie McHugh Tel: (212) 618-3469 Email: [email protected] | Investor Relations Rachel Powell Tel: (416) 956-5141 Email: [email protected] |
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