Brookfield Reinsurance boosts stake in American Equity Investment to 16%

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  • Brookfield Reinsurance (NYSE:BAMR) buys an additional 6,775,000 shares of common stock in American Equity Investment Life Holding (NYSE:AEL), bringing its total combined interest in the insurer to ~16%.
  • The transaction took place according to terms of Brookfield's October 2020 investment agreement with American Equity Investment (AEL) after getting required regulatory approvals on Dec. 29, 2021.
  • BAMR paid $37.33 per share, equal to AEL's adjusted book value as of Sept. 30, 2021, for a total consideration of ~$253M.
  • Under the October 2020 agreement, Brookfield Reinsurance (BAMR) agreed to acquire a 19.9% ownership stake in American Equity in two stages.

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