Brookfield Reinsurance completes major contract | Insurance business America
Swoop grows its insurance assets under management to over $100 billion
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From The Associated Press
Brookfield Reinsurance and American Equity Investment Life Holding Company 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 annuity business strengthens Brookfield Reinsurance’s expanding insurance business, increasing insurance assets under management to over $100 billion.
Jon Bayer, Managing Partner at Brookfield Reinsurance, said: “We are pleased to welcome AEL to our organization as we continue to expand, diversify and scale our retirement planning capabilities.” AEL’s strong franchise and track record of serving of policyholders and distribution partners, coupled with the size 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 is expected to result in more jobs in Iowa over time. Brookfield Reinsurance also looks forward to supporting the greater Des Moines area, including through maintaining AEL’s existing charitable giving, as well as through Brookfield’s broader charitable foundation and other charitable initiatives.
Advisor
Barclays acted as lead financial advisor to Brookfield Reinsurance and BMO Capital Markets also acted as advisor to Brookfield Reinsurance on this transaction. Cravath, Swaine & Moore LLP acted as legal counsel to Brookfield Reinsurance and Debevoise & Plimpton LLP acted as insurance legal counsel to Brookfield Reinsurance. Torys LLP acted as legal counsel to Brookfield Asset Management.
Ardea Partners and JP Morgan acted as financial advisors and Sullivan & Cromwell LLP acted as legal advisors to AEL in this transaction.
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2024-05-03 12:54:33
www.insurancebusinessmag.com
