Brookfield Re Makes $4.3B Offer to Buy American Equity
June 28, 2023 by Allison Bell
American Equity Investment Life — a pioneer in the modern U.S. indexed annuity market — said today that it has received a $4.3 billion acquisition offer letter from Brookfield Reinsurance.
Brookfield Re and affiliates already control a 20.38% stake in American Equity, according to a report the company filed with the U.S. Securities and Exchange Commission on Monday,
Click HERE to read the full story via ThinkAdvisor
Wink’s Moore on the Market: Thanks to Allison Bell at ThinkAdvisor for putting some “meat” into this developing story on AEL.
I am just going to go into a stream of consciousness here…
Anyone else think it is strange that American Equity could potentially be sold for less money that American National?
And what’s Ross Moody doing with National Western Life Insurance Company (NWL), now that they issued that press release about exploring alternatives, now that ANICO was sold to Brookfield?
I am liking the AEL/ANICO pairing of annuities/life insurance. I know that both companies have sold both product lines, but everyone thinks of AEL as an annuity company, and ANICO has been known more for their life products lately.
If the AEL board “helped Brookfield Re make the current offer by waiving a standstill provision in an investment agreement,” does that mean the this deal going through is a foregone conclusion?
Just how long does a board need to review a deal like this?
The section of this article that says “American Equity and Brookfield Re” sounds like some mean girls stuff, but life insurance.
I wonder if DJ Noble is turning in his grave right now? -sjm
