The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. From offices to residences, our properties bring tomorrow to life. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [emailprotected] The affiliate, Brookfield Asset Management Reinsurance Partners, announced Monday that it has agreed to pay $5.1 billion in cash for American National Group, through a deal structured as a merger. 9 August 2021. This field is for validation purposes and should be left unchanged. These forward-looking statements, and related oral statements American National or Brookfield Reinsurance may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. We are excited to partner with them, and the dedicated American National employee base and distribution partners, as we look to further grow the business and maintain a strong franchise for the benefit of all stakeholders. 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RTTNews.com for The merger has received unanimous approval of American Nationals Board of Directors. 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Brookfield Reinsurance also looks forward to continuing American Nationals longstanding involvement with its local communities. The companies hope to close on the deal by June 30, 2022. Beginners and even those starting late in life can benefit from investing as soon as possible. Type a symbol or company name. It is subject to certain customary closing conditions, including antitrust clearance and receipt of insurance regulatory approvals, for a transaction of this type. AdvisorsRBC Capital Markets is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield Reinsurance on this transaction. 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Share & Print. Customer Success Story: Bill Pay Used to Be Something to Be Avoided, Now It Is Something to Be Marketed, Customer Success Story: JFS Wealth Advisors Adds More Client Value, Creates Efficiency and Continues Compliance, 100 Ways to Grow Your Wealth Management Firm. Kitco News. Shares of AEL hit a record high in morning trade and were last up 18% at $53.11. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. ("American National”) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. ("Brookfield Reinsurance”) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American . "Given the large number of players in the industry and AEL's modest market share, there should be no antitrust concerns," according to Truist Securities analyst Mark Hughes. For investors less focused on growth, these high-dividend stocks all pay yields above 4%. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. We have 220,000+ readers every month & 25,000+ email subscribers. Sometimes, rumors are rumors for a reason. The information contained on any websites referenced in this press release is not incorporated by reference into this press release.
Or find and follow Reinsurance News on social media. Brookfield Asset Management Reinsurance Partners Ltd. agreed to buy American National Group Inc. for about $5.1 billion in cash, adding a company that offers products including life. If you're thinking that question, you're probably not alone. Steve Evans Ltd. registered in England No. The stock had dipped 1% this year, as of last close. The Merger Consideration will be funded by Brookfield Reinsurance through a combination of committed debt and equity financing, including committed debt financing of $1.5billion and an equity commitment of up to the aggregate Merger Consideration from Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A) (BAM), which equity commitment will be reduced by the amount of debt funded at closing. I would like to thank our board of directors, particularly our strategic opportunities committee of independent directors, which conducted a thorough review of a range of strategic alternatives and possible business opportunities to maximize value for our stockholders. In connection with the proposed transaction, American National intends to file relevant materials with the Securities and Exchange Commission (the SEC), including American Nationals information statement in preliminary and definitive form. We look at the craftsmanship of high end products from African American-owned companies and Black creators. American National investors to get $190 in cash for each share, Brookfield CEO says firm has a track record of stable growth, Bank Giant Bigger Than Morgan Stanley Arises From India Merger, Big Seven Powering $5 Trillion Nasdaq 100 Rally: Markets Wrap, Hotel in Italy Named Best in World in New Global List, Rolex and Patek Prices Fall as Subdial Index Nears Two-Year Low, The Most Romantic City in France Is Not Paris, According to This Chef. Link existing profile He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. Brookfield said it intends to keep the companys headquarters in Galveston, to keep the companys regional offices open and to maintain the companys community involvement. entities, such as banks, credit card issuers or travel companies. Aug 9 (Reuters) - Brookfield Asset Management Inc's (BAMa.TO) reinsurance unit has agreed to buy insurer American National Group Inc (ANAT.O) for about $5.1 billion in an all-cash deal, the. Brookfield Re says it wants to keep expanding American National's business. For more information please visit our website at www.bamr.brookfield.com. www.copyright.com. Jim Pozzi, American National chairman, president and CEO, called the deal an energizing moment.. Brookfield Asset Management Reinsurance Partners is acquiring American National Group in a $5.1 billion deal announced this morning. Here we are, just shy of 3 months from the Reuters story, and Brookfield Reinsurance has agreed to buy American National for $5.1 billion. If you wish to use this service, please contact our Transfer Agent, TSX Trust Company, to request a "Direct Deposit of Dividends" form. Create new profile Already using online banking? His writing appears on the finance, business, markets and future of money sections of the website. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Our work energizes.
American Nationals management team has a strong track record of stable growth and disciplined underwriting. Photo: iStock AEL provides annuities - an insurance contract customers typically buy for a steady income stream after retiring. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Premier African Minerals wants to resolve its lithium supply dispute with China's Canmax Technologies , the miner said on Friday, seeking to avert a lengthy legal battle that could disrupt operations. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 07337195 Email: inquiries@tmx.com
USA. (Mon. Additional Information and Where to Find It. In February, Brookfield Reinsurance signed a $1.1 billion deal to take Argo Group International private. Brookfield Reinsurance also looks forward to continuing American Nationals longstanding involvement with its local communities. We employ a disciplined investment approach, leveraging our global reach and the scale and flexibility of our capital, to identify proprietary opportunities to invest on a value basis. These symbols will be available throughout the site during your session. Here's what the experts recommend when it comes to investing modest sums. Cautionary Notice Regarding Forward-Looking Statements. Offering innovative, institutional-caliber investment expertise and solutions for the individual investor. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Brookfield Reinsurances Registration Statement on Form F-1 and American Nationals most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of American National and Brookfield Reinsurance on file with the SEC. Brookfield Place in Toronto. See here for a complete list of exchanges and delays. Beyond the floor plans. With hacking risks still high, these tech stocks are worth a look.
Insurance Solutions. Get alerted any time new stories match your search criteria. Brookfield Asset Management's BAM-A-T recently spun-off insurance venture is making its first big deal with the US$5.1-billion all-cash purchase of Texas-based American National Group Inc.. Our two companies share a long-term view of building strong, enduring businesses. Listen to free podcasts to get the info you need to solve business challenges! All subsequent written and oral forward-looking statements attributable to American National or Brookfield Reinsurance and/or any person acting on behalf of either of them are expressly qualified in their entirety by this paragraph. Jim Pozzi, President and Chief Executive Officer of American National, said, This is an energizing moment in American Nationals history. Sign up today for your free Reader Account. "AEL will continue to create value over time via its strategy, or ultimately accept an offer," said Raymond James analyst Wilma Burdis, who had estimated a $53-plus deal price before Brookfield's offer was disclosed. Listen and Subscribe. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The offer from the reinsurance arm of Canadian investment firm Brookfield (BN.TO), comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it "significantly undervalued" the company. The consideration for the merger will be funded by Brookfield Reinsurance via a combination of committed debt and equity financing, including committed debt financing of $1.5 billion and an equity commitment of up to the aggregate merger consideration from Brookfield Asset Management. We are excited to partner with them, and the dedicated American National employee base and distribution partners, as we look to further grow the business and maintain a strong franchise for the benefit of all stakeholders..
The offer from the reinsurance arm of Canadian investment firm Brookfield comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it "significantly undervalued" the company. Brookfield Asset Management Reinsurance Partners Ltd. said Monday that it plans to buy Texas-headquartered insurer American National Group through a $5.1 billion deal steered by three law firms. articles a month for anyone to read, even non-subscribers! BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (American National) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (Brookfield Reinsurance) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1billion. All around the world - and wherever you need to be. The Corporation is focused on compounding capital over the long term to earn an annualized return of 15%+ for our shareholders. Who is Brookfield Reinsurance? Paul Hastings LLP is serving as legal advisor to Bank of Montreal and Royal Bank of Canada in connection with the debt financing. American National stockholders are strongly advised to read all relevant documents filed by American National with the SEC, including American Nationals information statement, because they will contain important information about the proposed transaction.
AEL said its board will review the offer and a deal is not guaranteed. August 09, 2021 06:56 ET
June 27 (Reuters) - Canadian investment firm Brookfield's insurance arm has offered to buy American Equity Investment Life Holding in a deal valued at nearly $4.3 billion, the annuities provider . Type a symbol or company name. American Equity Investment Life Holding Co. shares soared to an all-time high after an arm of Canadian investment giant Brookfield made a cash and stock takeover bid valuing the insurance firm at . Brookfield Reinsurance (NYSE:BNRE) proposed to acquire American Equity Investment Life Holding (NYSE:AEL) for a combination of stock and cash that totals ~$55.00 per share for AEL in a transaction . American Nationals management team has a strong track record of stable growth and disciplined underwriting. Website Privacy & Cookies and Disclaimer. Brookfield Corporation 2022 Annual Report, Stable, predictable and growing cash flows, Substantial and growing distributable earnings underpinned by long-life, high-quality assets and businesses that generate stable, predictable, inflation-linked cash flows, 2,500+ investment and asset management professionals and approximately 200,000 operating employees in 30+ countries on five continents across our three businesses, providing us access to unique proprietary opportunities, Scale, perpetual and flexible capital base, Significant perpetual and flexible capital base that allows us to pursue highly accretive growth at scale, accelerate the growth of our asset management, insurance solutions and operating businesses, and to build new businesses, Value investor with a strong track record of allocating our capital to generate meaningful compound returns over the long term, Over 100 years of operating experience as an owner and operator of real assets across renewable power & transition, infrastructure, private equity, real estate and asset management, Conservative capitalization with significant liquidity, Conservatively capitalized balance sheet with ample liquidity to opportunistically pursue accretive acquisitions and provide downside protection. These three strategies can help extend the life of your savings throughout what could be a long retirement period. Jim Pozzi, President and Chief Executive Officer of American National, said, This is an energizing moment in American Nationals history. The merger consideration of $190.00 per share of American National common stock (the Merger Consideration) represents a 55% premium to the unaffected share price of $122.56 on May11,2021, as well as a 24.7% premium over American Nationals 30-day volume-weighted average price as of August 6,2021. Sachin Shah, Brookfield Res CEO, said in a statementthat the transaction represents a significant milestone in the continued expansion of our insurance business.. Written by Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our clients and shareholders. 30 on the Houston Business Journal's 2021 Largest Houston-Based Public. (Reuters) -Annuities provider American Equity Investment Life Holding said on Tuesday it has received a takeover offer from its biggest shareholder, valuing the long-sought merger candidate at nearly $4.3 billion. Fax: 1-888-249-6189
The American National companies operate in all 50 states. Brookfield Asset Management Reinsurance Partners, which was launched by the alternative asset manager in late 2020, has entered into a definitive agreement to acquire American National Group, Inc. in an all-cash transaction valued at $5.1 billion. As part of the agreement, each issued and outstanding share of American National common stock will be converted into the right to receive $190.00 in cash at closing of the merger. and have not been previously reviewed, approved or endorsed by any other Top Global Insurance & Reinsurance Brokers, Brookfields recently launched reinsurance business, Global reinsurer capital increased to $605bn in Q1, reports Aon, Suncorp joins the Australian Cyclone Reinsurance Pool. Brookfield Reinsurance (BNRE.N) has offered $55 for each share of AEL it does not already own. What You Need to Know Brookfield's reinsurance affiliate will pay cash for American National. In February, Brookfield Reinsurance signed a $1.1 billion deal to take Argo Group International (ARGO.N) private. The stock had dipped 1% this year, as of last close. The transaction provides clear and immediate value for our stockholders at an attractive premium.. Brookfield Reinsurance plans to build on American National's strong track record of stable growth and disciplined underwriting. Brookfield Re says it wants to keep expanding American National's business.
Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Brookfield will pay $190 per share of American National, which represents a 55% premium to the $122.56-per-share price of ANAT on May 11, the last day before reports surfaced that American . Management Information Circular (Franais), Management Information Circular and Proxy, Statement of Corporate Governance Practices, Evolving to offer the best of both worlds, Brookfield Reinsurance Submits Proposal to Acquire AEL for $4.3 Billion, Brookfield Announces Redemption of $550 Million Notes due April 1, 2024, Brookfield Corporation Announces Results ofAnnual and Special Meeting of Shareholders. American National Insurance Company, founded in 1905 is headquartered in Galveston, Texas. Defense stocks can protect your portfolio during periods of economic uncertainty. Brookfield has bet aggressively on its reinsurance business. Brookfield's reinsurance affiliate will pay cash for American National. Brooklyn, New York
Reach the largest reinsurance audience. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. American National Group Inc. BROOKFIELD, NEWS, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American National Group, Inc. (American National) (NASDAQ:ANAT), and Brookfield Asset Management Reinsurance Partners Ltd. (Brookfield Reinsurance) (NYSE:BAMR; TSX:BAMR), today announced they have entered into a definitive merger agreement whereby Brookfield Reinsurance will acquire American National in an all-cash transaction valued at approximately $5.1billion. We are excited to partner with them, and the dedicated American National employee base and distribution partners, as we look to further grow the business and maintain a strong franchise for the benefit of all stakeholders.. (Bloomberg) -- Canadian investment giant Brookfield is nearing a deal to acquire insurance firm American Equity Investment Life Holding Co., people with . Under the terms of the transaction, Brookfield Reinsurance acquired all issued and outstanding shares of American National Group, Inc. at a price of $190 per share. As part of its merger agreement with American National, each issued and outstanding share of the acquirees common stock will be converted into the right to receive $190 in cash at the closing of the merger, which is expected in the first half of next year, subject to certain customary closing conditions. Copy and paste multiple symbols separated by spaces. - Fri. 8 am - 8 pm ET):
All subsequent written and oral forward-looking statements attributable to American National or Brookfield Reinsurance and/or any person acting on behalf of either of them are expressly qualified in their entirety by this paragraph. The content Bank Giant Bigger Than Morgan Stanley Arises From India Merger, Big Seven Powering $5 Trillion Nasdaq 100 Rally: Markets Wrap, Hotel in Italy Named Best in World in New Global List, Rolex and Patek Prices Fall as Subdial Index Nears Two-Year Low, The Most Romantic City in France Is Not Paris, According to This Chef. The industry leader for online information for tax, accounting and finance professionals. www.amstock.com, Shareholder Services
The American National companies operate in all 50 states. REUTERS/Chris HelgrenReuters. Brookfield took a stake of roughly 20% in American Equity in October 2020, helping it to rebuff an unsolicited all-cash bid from fellow insurers Athene and Massachusetts Mutual Life Insurance . Sachin Shah, Chief Executive Officer of Brookfield Reinsurance, said, The acquisition of American National represents a significant milestone in the continued expansion of our insurance business. RBC Capital Markets is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield Reinsurance on this transaction. Brookfield Asset Management Reinsurance Partners to Acquire American National in $5.1 Billion Transaction. Neither American National nor Brookfield Reinsurance undertakes any obligation to update, correct or otherwise revise any forward-looking statements. (Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri). Beyond the square feet. Shares of AEL hit a record high in morning trade and were last up 18% at $53.11. EX-2.1 2 ea145390ex2-1_americannat.htm AGREEMENT AND PLAN OF MERGER, DATED AS OF AUGUST 6, 2021, BY AND AMONG BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD., FREESTONE MERGER SUB INC. AND AMERICAN NATIONAL GROUP, INC Exhibit 2.1 .