Brookfield Appoints Michael McRaith Vice Chairman of Insurance Solutions Business
Brookfield announced the appointment of Michael McRaith as Vice Chair of its Insurance Solutions business. In this newly created role, McRaith will oversee global operations aimed at aligning capital and investment solutions for stakeholders. Previously, he served as the first Director of the Federal Insurance Office and held leadership roles in various insurance sectors. Brookfield Reinsurance is expanding its platform, having announced an agreement to acquire American National Group for $5.1 billion, expected to close in early 2022, along with a $10 billion reinsurance arrangement with American Equity.
- Appointment of Michael McRaith brings extensive experience to enhance leadership.
- Acquisition of American National Group strengthens market position.
- Recent $10 billion reinsurance arrangement indicates robust growth in business.
- Concerns about continuity may arise with new leadership.
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
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.A). For more information, please visit our website at bamr.brookfield.com.
| Media Kerrie McHugh Tel: (212) 618-3469 Email: kerrie.mchugh@brookfield.com | Investor Relations Rachel Powell Tel: (416) 956-5141 Email: rachel.powell@brookfield.com |
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FAQ
Who is Michael McRaith and what role does he play at Brookfield?
What is the significance of the $5.1 billion acquisition of American National Group by Brookfield?
When is the acquisition of American National expected to close?
What does Brookfield's Insurance Solutions business focus on?
How does Michael McRaith's experience benefit Brookfield?
