Brookfield Asset Management and Brookfield Asset Management Reinsurance Partners have completed the previously announced launch of reinsurance business.
Brookfield Reinsurance’s board of directors is currently comprised of the following four members: William Cox, Gregory Morrison, Anne Schaumberg, and Sachin Shah (Chair).
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Brookfield Reinsurance CEO and chief investment officer of Brookfield Sachin Shah said: “We are excited to be launching Brookfield Reinsurance, which establishes a scalable platform for our growing insurance businesses and provides investors with an alternative, efficient means through which to hold an interest in Brookfield.”
Concurrently, holders of Brookfield’s class A and class B limited voting share received one class A exchangeable limited voting share of Brookfield Reinsurance for every 145 Brookfield class A and class B limited voting shares held.
Each exchangeable share is exchangeable for a Brookfield class A limited voting share or its cash equivalent, on a one-for-one basis.
Distributions on the exchangeable shares will be paid at the same time and in the same amount per share as dividends on Brookfield Shares, the firm said.
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By GlobalDataIn October 2020, American Equity Life forged a strategic partnership with Brookfield.
In 2019, Brookfield concluded the buyout of a majority stake in Genworth Canada for $1.8bn.
