Drama in Des Moines
October 28, 2020 by Kerry Pechter
Rejecting a takeover bid by Athene and MassMutual, fixed index annuity issuer American Equity will partner with Brookfield Asset Management. The deal releases up to $350m in capital for American Equity, and makes it a ‘Bermuda Triangle’ player.
Having spurned a takeover bid from insurance giants Athene Holding and MassMutual a few weeks ago, tiny American Equity Investment Life Holding Company, a leading issuer of fixed index annuities (FIAs), announced a deal this week with Brookfield Asset Management, Inc. [For related story, click here.]
Brookfield will reinsure $5 billion of its existing FIA liabilities and up to $5 billion more in the future. It will also acquire a 19.9% ownership interest in the common shares of American Equity.
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