Brookfield Reinsurance (TSX; BAMR), an asset management company in Canada, has finally completed the acquisition of American National in an all-cash transaction valued at approximately $5.1 billion. Under the transaction terms, Brookfield Reinsurance acquired all issued and outstanding shares of American National Group, Inc. at $190 per share.
American National Group, majorly owned by the founder William Lewis Moody’s family, offers several products, including life, health, property, and casualty insurance, as well as annuities. Brookfield Reinsurance plans to build on American National’s strong track record in underwriting. After the acquisitions, the company also reiterated that it would maintain its headquarters in Galveston, Texas. It will also ensure that its presence will be maintained in League City, Texas, and operating hubs in Springfield, Missouri and Albany, New York.
Sachin Shah, the Chief Executive Officer of Brookfield Reinsurance, stated, “We look forward to building on American National’s strong franchise and delivering value for all stakeholders, including employees and distribution partners.” He added, “Brookfield Reinsurance will use its industry-leading expertise and resources to enhance American National’s capital strength and support its ongoing commitment to policyholder and customer service.”
“Since our announcement last August, we have directly observed Brookfield Reinsurance’s commitment to maintaining well-capitalized insurance companies and its emphatic commitment to policyholder protection and customer service,” noted Jim Pozzi, President and Chief Executive Officer of American National. He said, “We are extremely grateful to our employees and distribution partners for their unwavering support and dedication. We look forward to working with them as American National identifies opportunities for organic and strategic growth.”
American National provides Brookfield Reinsurance with a multi-line platform for further growth in the United States.
Brookfield Asset Management Reinsurance Partners Ltd. provides capital solutions for insurance and reinsurance companies and pension risk transfer products for Canadian pension plan sponsors.
Following the acquisition announcement, Brookfield Asset Management Reinsurance Partners Ltd. was up 0.033%, trading at $60.09.
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