Brookfield Reinsurance completes acquisition of AEL

On May 2, 2024, Brookfield Reinsurance and American Equity Investment Life Holding Company (“AEL”) announced the completion of Brookfield Reinsurance’s acquisition of AEL in a cash and stock transaction that values AEL at approximately US$4.3 billion. As announced on July 4, 2023, Brookfield Reinsurance acquired all of the outstanding shares of common stock of AEL it did not already own for a consideration of US$56.50 per AEL share, consisting of US$38.85 in cash and 0.49707 of a Brookfield Asset Management Ltd. (“BAM”) class A limited voting share.

BAM issued the new class A limited voting shares used as stock consideration for AEL shareholders to Brookfield Corporation in exchange for shares of Brookfield Asset Management ULC held by Brookfield Corporation. Brookfield Corporation in turn sold the shares of BAM to Brookfield Reinsurance in exchange for debt issued by Brookfield Reinsurance, which was subsequently capitalized through the issuance of class C shares of Brookfield Reinsurance to Brookfield Corporation.

AEL’s leading fixed annuity business bolsters Brookfield Reinsurance’s expanding insurance operations and increases its insurance assets under management to over US$100 billion.

Further information can be found on Globe Newswire’s website.

AEL 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. The company is headquartered in Des Moines, Iowa and is licensed to sell in 50 states and the District of Columbia.

Brookfield Reinsurance 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.