AEL - Brookfield Reinsurance Completes Acquisition of AEL | Benzinga
BROOKFIELD, NEWS, May 02, 2024 (GLOBE NEWSWIRE) -- Brookfield Reinsurance ((NYSE, TSX:BNRE, BNRE.A)) and American Equity Investment Life Holding Company (NYSE:AEL) ("AEL") today announced the completion of Brookfield Reinsurance's acquisition of AEL in a cash and stock transaction valued at $56.50 per AEL share. AEL's leading fixed annuity business bolsters Brookfield Reinsurance's expanding insurance operations and increases its insurance assets under management to over $100 billion.
Jon Bayer, Managing Partner at Brookfield Reinsurance said, "We are excited to welcome AEL to our organization as we continue to grow, diversify and scale our retirement services capabilities. AEL's strong franchise and track record of serving policyholders and distribution partners, coupled with the scale of our existing platform and offerings, will position us well for the next phase of growth."
Brookfield Reinsurance expects to maintain AEL's headquarters in Des Moines, Iowa, and its growth in the fixed annuity business over time should increase jobs in Iowa. Brookfield Reinsurance also looks forward to supporting the greater Des Moines area, including through maintaining AEL's existing charitable contributions and through Brookfield's broader charitable foundation and other charitable initiatives.
Advisors
Barclays served as lead financial advisor to Brookfield Reinsurance and BMO Capital Markets also acted as an advisor to Brookfield Reinsurance on this transaction. Cravath, Swaine & Moore LLP served as legal advisor to Brookfield Reinsurance and Debevoise & Plimpton LLP served as Brookfield Reinsurance's insurance legal counsel. Torys LLP served as legal advisor to Brookfield Asset Management.
Ardea Partners and J.P. Morgan served as financial advisors and Sullivan & Cromwell LLP acted as legal advisor to AEL on this transaction.
About Brookfield Reinsurance
Brookfield Reinsurance Ltd. ((NYSE, TSX:BNRE, BNRE.A)) operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. Each class A exchangeable limited voting share and each class A-1 exchangeable non-voting share of Brookfield Reinsurance are exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation. (TSX:BN).
For more information, please visit our website at bnre.brookfield.com.
About American Equity Life
American Equity Investment Life Holding Company is a leading provider of fixed rate and fixed index annuity products with over 40,000 independent agents and advisors affiliated with independent market organizations (IMOs), banks and broker-dealers. American Equity is headquartered in Des Moines, Iowa and is licensed to sell in 50 states and the District of Columbia. For more ...