American National Group to Be Sold to Brookfield Reinsurance Arm
August 10, 2021 by Miriam Gottfried and Cara Lombardo
The reinsurance arm of Brookfield Asset Management Inc. BAM 0.60% has agreed to buy American National Group Inc. for about $5 billion, the companies said.
As part of the deal, American National stockholders will receive $190 a share in cash. That represents a roughly 10% premium to the company’s closing price Friday of $172.80.
The Wall Street Journal reported earlier that the companies had reached a deal.
Assuming the deal is completed, American National will be wholly owned by Brookfield Asset Management Reinsurance Partners Ltd. BAMR 0.89% , which spun out of the Canadian investment giant in June to become a publicly traded entity.