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. American National will keep its headquarters in Galveston, Texas, and its current management. 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. The companies hope to close on the deal by June 30, 2022. 6201 15th Avenue We look at the craftsmanship of high end products from African American-owned companies and Black creators. August 09, 2021 at 03:27 PM 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. 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. Following closing, Brookfield Reinsurance intends to maintain American Nationals headquarters in Galveston, Texas and its presence in League City, Texas, as well as its operational hubs in Springfield, Missouri and Albany, New York. The information contained on any websites referenced in this press release is not incorporated by reference into this press release. Digital banking 30 on the Houston Business Journal's 2021 Largest Houston-Based Public. American National offers a broad line of products and services, which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. REUTERS/Chris HelgrenReuters. Our Standards: The Thomson Reuters Trust Principles. If you're thinking that question, you're probably not alone. 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Brookfield Reinsurance has been very clear: they want us to continue to grow our business, together with our leadership team and our excellent team of employees and distribution partners. Preferred Bank - The Preferred Way to Bank It is subject to certain customary closing conditions, including antitrust clearance and receipt of insurance regulatory approvals, for a transaction of this type. All around the world - and wherever you need to be. 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. Aug 9 (Reuters) - Skadden, Arps, Slate, Meagher & Flom and Sidley Austin are among a quartet of law firms that are directing a Brookfield Asset Management unit's plans to purchase Galveston,. What You Need to Know Brookfield's reinsurance affiliate will pay cash for American National. Although renewable energy is making inroads, the global economy still relies on petroleum products. Brookfield Re says it wants to keep expanding American National's business. Brookfield Reinsurance has announced that it has completed its acquisition of American National in an all-cash transaction, valued at approximately $5.1 billion. 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. (RTTNews) - Brookfield Asset Management Reinsurance Partners Ltd. (BAMR, BAMR.TO) has agreed to acquire American National Group, Inc. (ANAT) in an all-cash deal valued at approximately $5.1 billion. (Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri). Beyond the floor plans. 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 insurance, annuities and health coverage, and operates across all 50 U.S. states. Cautionary Notice Regarding Forward-Looking Statements. Offering innovative, institutional-caliber investment expertise and solutions for the individual investor. Brookfield Reinsurance acquires American National for $5.1bn RTTNews.com for Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. 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 . Real Estate Development & Management Services | Brookfield Properties 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). Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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 . (Reuters) -Brookfield Asset Management Inc's reinsurance unit has agreed to buy insurer American National Group Inc for about $5.1 billion in an all-cash deal, the companies said on Monday. Brookfield has bet aggressively on its reinsurance business. Email: inquiries@tmx.com Listen to free podcasts to get the info you need to solve business challenges! Toronto, ON Enhances. Brookfield Reinsurance has been very clear: they want us to continue to grow our business, together with our leadership team and our excellent team of employees and distribution partners. Copy and paste multiple symbols separated by spaces. AEL said its board will review the offer and a deal is not guaranteed. Tel: +1-416-682-3860 Listen and Subscribe. Brookfield's offer consists of $38.85 per share in cash and the rest in Brookfield Asset Management (BAM.TO), limited voting shares. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. Citi serves as financial advisor and Sidley Austin LLP is acting as lead transaction counsel to American National on this transaction, alongside Greer, Herz & Adams, LLP, which serves as American Nationals general counsel. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Brookfield Asset Management Reinsurance Partners to Acquire - GlobeNewswire 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 . [emailprotected] Citi serves as financial advisor and Sidley Austin LLP is acting as lead transaction counsel to American National on this transaction, alongside Greer, Herz & Adams, LLP, which serves as American Nationals general counsel. American National will maintain its headquarters in Galveston, TX, its presence in League City, TX, and operating hubs in Springfield, MO and Albany, NY. American National Insurance Company, founded in 1905 is headquartered in Galveston, Texas. 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. A reinsurance affiliate of Brookfield Asset Management could soon be a major player in the U.S. individual life and annuity markets. Brookfield's new insurance venture buys U.S. insurer for US$5.1-billion Upon closing, Brookfield Reinsurance plans to maintain American Nationals headquarters in Galveston, Texas, as well as its presence in League City, Texas, and also its operational hubs in Springfield, Missouri and Albany, New York. At Brookfield, sound ESG practices are integral to building resilient businesses and creating long-term value for our investors and other stakeholders. Get alerted any time new stories match your search criteria. Photo: iStock Story continues below This advertisement has not loaded yet, but your article continues below. The transaction provides clear and immediate value for our stockholders at an attractive premium.. www.amstock.com, Shareholder Services The American National companies operate in all 50 states. Picture taken April 14, 2021. A fund of funds can offer the sort of diversification and flexibility that normal ETFs can't. on this page is accurate as of the posting date; however, some of our partner offers may have expired. Brookfield Perspectives is a podcast exploring how we invest in the backbone of the global economy. Brookfield Asset Management Reinsurance Partners has agreed to acquire American National Group, a Galveston, Texas-based provider of life, health and property and casualty insurance . Montral, Quebec Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. Sustainability isn't just a box we check. Brookfield Acquires American National Group In $5.1B Deal 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 . BAMs equity commitment will be funded by existing liquidity at the corporate level. The National American board of directors unanimously approved this merger agreement with Brookfield Reinsurance. Neither American National nor Brookfield Reinsurance undertakes any obligation to update, correct or otherwise revise any forward-looking statements. BrookfieldGlobal Asset Management - Invested in long-term value American National Group, Inc. is the parent company of the American National companies, which include American National Insurance Company and its insurance affiliates. 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. Learn more about the launch of our publicly listed pure-play Alternative Asset Manager. AEL had also fielded takeover interest from Athene Holding and Massachusetts Mutual Life Insurance Company in 2020. Brookfield Finds It's No Fun To Be Half-Married | Seeking Alpha Brookfield Asset Management Inc's reinsurance unit has agreed to buy insurer American National Group Inc for about $5.1 billion in an all-cash deal, the companies said on Monday. Brookfield offers to buy West Des Moines' American Equity annuity firm The offer represents a 35% premium to American Equitys closing price on Friday, the last full trading day before Bloomberg News reported Brookfields interest. and have not been previously reviewed, approved or endorsed by any other New to using online banking? BROOKFIELD NEWS, May 25, 2022 (GLOBE NEWSWIRE) -- Brookfield Reinsurance has completed its acquisition of American National in an all-cash transaction valued at approximately $5.1 billion. It's how we do business. Investors in a higher income tax bracket can reap significant savings with these municipal bond funds. Started in 1905 by William Lewis Moody Jr., American National is majority-owned by the founder's family, which controls the company through . American National Group Inc. The reinsurer says that it also looks forward to continuing American Nationals longstanding involvement with its local communities. No OfferNo person has commenced soliciting proxies in connection with the proposed transaction referenced in this press release, and this press release is neither an offer to purchase nor a solicitation of an offer to sell securities. 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. These water stocks and ETFs focus on a precious resource while offering investors a steady dividend drip. 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. The American National companies operate in all 50 states. Today, our capital is deployed across three businesses Asset Management,Insurance Solutionsand our Operating Businesses,generating substantial and growing free cash flows, all of which is underpinned by a conservatively capitalized balance sheet. articles a month for anyone to read, even non-subscribers! 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. 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. (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. 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. Brookfield Reinsurance Completes $5.1 Billion Acquisition - GlobeNewswire Ardea Partners and J.P. Morgan are advising AEL on the offer. 2021-08-09 | TSX:BAM | Press Release | Brookfield Asset - Stockhouse See here for a complete list of exchanges and delays. In addition, documents will also be available for free by visiting the American National website at www.americannational.com. All other uses, submit a request to Four firms guide Brookfield unit's $5.1 bln American National buy Members of the American National board have already given the deal unanimous approval, according to Brookfield. The merger is expected to close in the first half of 2022. 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). Jim Pozzi, President and Chief Executive Officer of American National, said, This is an energizing moment in American Nationals history. Brookfield Reinsurance has been very clear: they want us to continue to grow our business, together with our leadership team and our excellent team of employees and distribution partners. His writing appears on the finance, business, markets and future of money sections of the website. 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.. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. August 09, 2021 07:36 am EDT Written by RTTNews.com for RTTNews -> (RTTNews) - Brookfield Asset Management Reinsurance Partners Ltd. (BAMR, BAMR.TO) has agreed to acquire American National. Our work energizes. Brookfield Asset Management Reinsurance Partners to Acquire American Brookfield Re wants to partner with American Nationals management team, employees and distribution partners, Shah said. Brookfield's reinsurance arm nearing deal to buy American Equity Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Sachin Shah, Chief Executive Officer (CEO) of Brookfield Reinsurance, commented: The acquisition of American National represents a significant milestone in the continued expansion of our insurance business. If the deal with AEL is completed, it would boost Brookfield Reinsurance's assets under management to nearly $100 billion. 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. #284 | Brookfield Buys American National - Life Product Review Canadian giant trumps rejected bid from Elliott-backed group, US annuities provider reviewing proposal with advisers. 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. Brookfield Asset Management Inc.'s Brookfield Reinsurance unit has agreed to buy insurer American National Group Inc. for about $5.1 billion in an all-cash deal, the companies said Monday. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru. Brookfield Reinsurance closes $5.1bn American National buyout Brookfield To Acquire American National - Quick Facts | Nasdaq Brookfield appears to want to maintain American Nationals operations largely as they are and build a bigger business. Get in touch directly using our contact form. 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. 2023 ALM Global, LLC, All Rights Reserved. Homepage | Brookfield Corporation Beginners and even those starting late in life can benefit from investing as soon as possible. Brookfield Asset Management Reinsurance Partners to Acquire American Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms.