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News & Insights

Brookfield’s Strategic Partnership with American Equity, Including Reinsurance of $10 Billion in Fixed Index Annuity Liabilities and Equity Investment

October 19, 2020

On October 18, 2020, Brookfield Asset Management Inc. (“Brookfield”) and American Equity Investment Life Holding Company (“American Equity”) jointly announced that they have entered into a strategic partnership under which Brookfield will reinsure $5 billion of existing liabilities and up to an incremental $5 billion of new sales of American Equity’s IncomeShield or similar fixed index annuity products. As part of the strategic partnership, Brookfield will acquire a 19.9% ownership interest in the common shares of American Equity, which will take place in two stages: an initial purchase of a 9.9% equity interest at $37.00 per share promptly following Hart-Scott-Rodino approval, and a second purchase of an incremental 10.0% equity interest, at the greater value of $37.00 per share or adjusted book value per share. The transaction values the outstanding equity of American Equity at approximately $3.4 billion. Brookfield will also receive one seat on American Equity’s Board of Directors following the initial equity investment. Cravath is representing Brookfield in connection with the partnership.

The Cravath team is led by partner Richard Hall and includes associate Victoria L. Romvary on M&A matters; and senior attorney Jesse M. Weiss and associate Benjamin G. Joseloff on regulatory matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Private Equity
  • Financial Services and Insurance

People

Photo
Name
Richard Hall
Title
Corporate
Title
Partner
Email
rhall@cravath.com
Phone
+1-212-474-1293
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    Education

    • LL.M., 1988, Harvard Law School
    • LL.B., 1986, University of Melbourne
      with Honors
    • B.Com., 1984, University of Melbourne
      with Honors

    Admitted In

    • New York
    Photo
    Name
    Jesse M. Weiss
    Title
    Litigation
    Title
    Partner
    Email
    jweiss@cravath.com
    Phone
    +1-212-474-1421
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      Education

      • J.D., 2008, Georgetown University Law Center
        magna cum laude
      • B.A., 2003, University of Maryland

      Admitted In

      • New York
      Photo
      Name
      Benjamin G. Joseloff
      Title
      Corporate
      Title
      Partner
      Email
      bjoseloff@cravath.com
      Phone
      +1-212-474-1810
      vCard
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        Education

        • J.D., 2008, Stanford Law School
          Pro Bono Distinction
        • B.A., 2004, New York University
          Phi Beta Kappa, summa cum laude

        Admitted In

        • New York

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        On July 5, 2023, Brookfield Reinsurance, which operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions, and American Equity Investment Life Holding Company (“AEL”) announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction that values AEL at approximately $4.3 billion. Cravath is representing Brookfield Reinsurance in connection with the transaction.

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