
A new week, a new deal was announced in the insurance sector
Brookfield Asset Management – a leading global alternative asset manager with more than $600 billion of assets under management – agreed to buy insurer American National Group. According to their statement, it will be a $5.1 billion all-cash deal.
American National is majority-owned by the founder’s family – Lewis Moody Jr – who controls its through a range of trusts and holdings. The Group offers products such as life, health, property and casualty insurance, and annuities.
Under the potential deal, American National shareholders will receive $190 per share, a premium of 10% to the insurer’s Friday closing price. Brookfield is looking to keep America National’s headquarters in Galveston, Texas, and maintain its operational hubs around the country.
RBC Capital Markets serves as a financial adviser to Brookfield, while Citi is American National’s. The merger is expected to close in the first half of 2022.
After the news hit the wires, Brookfield Asset Management stock price closed 0.60% higher.
Sources: finance.yahoo.com, reuters.com
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