Brookfield Reinsurance sets hearing date for AEL acquisition

Brookfield Reinsurance sets hearing date for AEL acquisition | Insurance Business New Zealand

Reinsurance

Brookfield Reinsurance sets hearing date for AEL acquisition

It is priming for its next major deal

Reinsurance

By
Kenneth Araullo

Brookfield Reinsurance has announced that its Iowa Insurance Division has scheduled a hearing for April 5, 2024, regarding its planned acquisition of American Equity Investment Life Holding Company (AEL).

Sachin Shah, the chief executive officer of Brookfield Reinsurance, shared his enthusiasm for the upcoming transition.

“We are excited to move toward closing this transaction and begin the work of building AEL into a leader in the US annuity markets,” Shah said. “We look forward to working with all stakeholders to drive the business forward, and to make a positive impact in the Des Moines community and on AEL’s policyholders and employees.”

The agreement for Brookfield Reinsurance to acquire AEL was initially made public on July 5, 2023. The transaction is anticipated to conclude shortly after the hearing.

The planned acquisition for AEL is just the latest in a long list of moves by Brookfield Reinsurance. In November, the reinsurer closed the $1.1 billion acquisition of Argo Group. Jessica Snyder has since assumed the CEO role for the latter following Thomas Bradley’s retirement.

Last month, Brookfield Reinsurance also reported its financial results for 2023, revealing $8 billion in annuity sales and a marked expansion for the company’s US property and casualty (P&C) operations following the Argo deal.

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