Brookfield Asset Management Buying ANG for $5 Billion

Issue 83

Brookfield Asset Management Reinsurance Partners Ltd. agreed to purchase American National Group Inc. for roughly $5 billion. Once the deal is finalized American National Group will be owned by Brookfield Asset Management Reinsurance Partners, which after going public in June, is still affiliated with Brookfield Asset Management Inc.

American National has roughly $30 billion in assets and as part of the deal, American National stakeholders will receive a cash payment of $190 per share.

This merger is part of Brookfield Asset Management’s plan to bulk up its client base in which the company already manages more than $600 billion in assets. The company now seeks to expand into the insurance realm and believes that it could be a $100 to $200 billion business for the company.

Insurance has become a hot commodity for companies such as Blackstone Group Inc., KKR & Co., and Apollo Global Management Inc. as all of them have begun to partake in acquiring insurance assets.

Source: Wall Street Journal