Brookfield’s reinsurance arm has agreed to buy American National Group for about $5 billion, according to people familiar with the matter
The reinsurance arm of Brookfield Asset Management Inc. has agreed to buy American National Group Inc. for about $5 billion, according to people familiar with the matter.
As part of the deal, which is expected to be announced later Monday, American National stockholders will receive $190 a share in cash, the people said. That represents a roughly 10% premium to the company’s closing price Friday of $172.80. Assuming the deal is completed, American National will be wholly owned by Brookfield Asset Management Reinsurance Partners Ltd. , which spun out of the Canadian investment giant in June to become a publicly traded entity. Brookfield plans to keep American National’s headquarters in Galveston, Texas, and maintain its operational hubs around the country, the people familiar with the matter said.
American National, which has just under $30 billion in assets, provides life insurance and annuities as well as health, property and casualty and credit insurance and pension products. With interest rates near historic lows, insurance companies have increasingly sought higher yielding alternatives to plain-vanilla corporate and government bonds to invest the cash they generate from customer policies. Private-equity firms with big credit businesses have jumped at the opportunity, building platforms that offer insurers a raft of tailor-made investment products.
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