Brookfield Reinsurance Completes $5.1 Billion Acquisition of American National
- Key step in executing on Brookfield Reinsurance's growth strategy to provide long-term value and security to policyholders
- Demonstrates Brookfield Reinsurance's leading capacity to deliver capital and investment solutions for U.S.-based insurers
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).
For more information, please visit our website at bamr.brookfield.com or contact:
| Communications & 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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This news release and any related oral statements made by our representatives may contain "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements which reflect management's expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Reinsurance and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. In particular, statements regarding American National's future capital strength and its ability to identify future growth opportunities constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could." In particular, the forward-looking statements contained in this news release include statements referring to the future state of the economy or the securities market and expected future deployment of capital and financial earnings.
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