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Home»Business»Brookfield’s reinsurance arm nearing deal to buy American Equity
Business

Brookfield’s reinsurance arm nearing deal to buy American Equity

June 27, 2023No Comments2 Mins Read
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June 26 (Reuters) – Canadian private equity firm Brookfield’s reinsurance arm is nearing a deal to buy insurer American Equity Life Holding (AEL.N), a person familiar with the matter told Reuters on Monday.

Brookfield has made a cash-and-stock offer that is set to be recommended by the American Equity board, the person said, requesting anonymity.

Shares in the company surged nearly 7% in extended hours after Bloomberg first reported the deal talks.

Brookfield is already the biggest shareholder with around 20% stake in American Equity, which has a market cap of $3.2 billion, as per Refinitiv data.

Iowa-based American Equity last year had rejected a $3.9 billion unsolicited takeover proposal from Prosperity Life and its principal shareholder, activist investor Elliott Investment Management.

Investment managers can significantly increase their assets under management (AUM) by acquiring or teaming up with insurance companies.

Brookfield and American Equity did not immediately respond to requests for comment from Reuters.

American Equity provides annuities – an insurance contract customers typically buy for a steady income stream after retiring.

Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila

: .

Anirban Sen

Thomson Reuters

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media.
Contact:+1 (646) 705 9409

See also  Illumina CEO deSouza resigns after proxy battle with Icahn
American arm Brookfields buy Deal Equity Nearing reinsurance
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