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TORONTO – Brookfield Asset Management Reinsurance Partners Ltd. has signed a deal to buy U.S. insurance company American National Group Inc. in an all-cash deal valued at US$5.1 billion.

Under the proposal, Brookfield Reinsurance will pay US$190 in cash for each American National share.

Brookfield Reinsurance CEO Sachin Shah says the deal is a significant milestone in the continued expansion of the company’s insurance business.

Shah says American National’s management team has a strong track record of stable growth and disciplined underwriting.

Brookfield Reinsurance says it plans to maintain American National’s headquarters in Galveston, Texas, as well as its presence in League City, Texas, and operational hubs in Springfield, Mo., and Albany, N.Y.

The deal is expected to close in the first half of 2022 and is subject to customary closing conditions, including antitrust clearance and regulatory approvals.

This report by The Canadian Press was first published Aug. 9, 2021.

Companies in this story: (TSX:BAMR)

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