Brookfield Reinsurance Increases Stake in American Equity Investment Life Holding Company

Rhea-AI Summary

Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) announced the purchase of an additional 6,775,000 shares in American Equity Investment Life Holding Company (NYSE: AEL), increasing their stake to approximately 16%. This acquisition, completed after receiving regulatory approvals on December 29, 2021, was aligned with a prior investment agreement. The shares were purchased at $37.33 each, totaling about $253 million, based on AEL's adjusted book value as of September 30, 2021.

Positive

• Increased equity interest in American Equity Investment Life Holding Company to approximately 16%.
• Acquisition aligned with a previously announced investment agreement.

Negative

• None.

BROOKFIELD, NEWS, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) (together with its affiliates, “Brookfield Reinsurance”) today announced that it has purchased an additional 6,775,000 shares of common stock of American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”), bringing its total combined equity interest in AEL to approximately 16%. The share purchase took place pursuant to the terms of Brookfield Reinsurance’s previously announced investment agreement with AEL following receipt of required regulatory approvals on December 29, 2021. Brookfield Reinsurance acquired the additional shares at a price of $37.33 per share, being AEL’s adjusted book value as of September 30, 2021, for total consideration of approximately $253 million.

About Brookfield Reinsurance

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 or contact:

Communications & 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

Notice to Readers

Brookfield Reinsurance is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Reinsurance believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Reinsurance makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties.

FAQ

What recent acquisition did BAMR announce?

BAMR announced the purchase of an additional 6,775,000 shares of AEL, raising its total stake to approximately 16%.

At what price did BAMR acquire AEL shares?

BAMR acquired AEL shares at a price of $37.33 per share.

How much did BAMR spend on the AEL share acquisition?

BAMR spent approximately $253 million to purchase the additional AEL shares.

When did BAMR receive regulatory approvals for the AEL share purchase?

BAMR received the required regulatory approvals on December 29, 2021.