BROOKFIELD, NEWS, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE, TSX: BAMR) today announced the closing of its previously-announced transaction to reinsure up to $10 billion of annuity products issued by American Equity Investment Life Insurance Company (“AEILIC”), a subsidiary of American Equity Investment Life Holding Company (NYSE:AEL) (“AEL”). Under the agreement, Brookfield Reinsurance has reinsured a block of approximately $4 billion of in-force policies, and will reinsure up to an additional approximately $6 billion of AEILIC’s “IncomeShield” or other mutually agreed liabilities issued by AEL on a flow basis.
Brookfield Reinsurance holds an approximate 9.5% equity interest in AEL and has agreed to purchase additional shares of AEL’s common stock for up to a total equity interest of 19.9% (and not less than a 15% equity interest), subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
https://www.globenewswire.com/news-release/2021/10/11/2311696/0/en/Brookfield-Reinsurance-Closes-10-Billion-Reinsurance-Deal-with-American-Equity-Investment-Life-Insurance-Company.html