Finance

Brookfield Reinsurance Poised to Reach $100 Billion in Assets After Strategic American National Insurance Acquisition

In 2022, Brookfield Reinsurance acquired American National Insurance in a $5.1 billion all-cash deal. This strategic acquisition has catalyzed rapid growth for Brookfield Reinsurance, which was founded just two years prior in 2020 as a publicly traded insurance holding company. With several other major insurance company acquisitions and a successful integration of American National Insurance’s operations, Brookfield Reinsurance is projected to surpass $100 billion in assets under management by 2024.

Brookfield Reinsurance initially focused on providing reinsurance solutions to help insurance companies mitigate risk and increase financial flexibility. However, through acquiring well-established insurers like American National, the company has broadened its offerings to include direct insurance policies and pension risk transfer services. The American National deal specifically expanded Brookfield Reinsurance’s capabilities in life insurance, annuities, and property and casualty insurance.

“The acquisition of American National represents a significant milestone in the continued expansion of our insurance business,” said Brookfield Reinsurance CEO Sachin Shah when the acquisition was finalized. American National’s strong management leadership and track record of disciplined underwriting were key attributes that attracted Brookfield Reinsurance to the deal.

On the heels of this monumental acquisition, American National was recognized by Forbes in 2024 as one of America’s Best Insurance Companies based on exceptional service quality, customer satisfaction, and policy value. This award reflects the seamless integration of American National’s operations under Brookfield Reinsurance’s ownership.

Bolstering its property and casualty portfolio, Brookfield Reinsurance acquired Argo Group International Holdings in November 2023 in an all-cash $1.1 billion agreement that helped cement Brookfield Reinsurance’s foothold in the P&C space and added further diversity to its range of insurance, bolstering its property and casualty portfolio products. Brookfield Reinsurance also agreed to acquire American Equity Investment Life Holding Company in 2024, enhancing its capabilities in retirement income solutions.

CEO Shah notes that with close to $10 billion deployed towards strategic business growth and over $100 billion in assets under management, Brookfield Reinsurance is focused on scaling up operations across its core insurance segments. The company aims to leverage the individual strengths of its various acquisitions to maximize investments and returns for policyholders and shareholders.

The acquisitions also support Brookfield Reinsurance’s long-term objective of acquiring and sustaining market-leading insurance companies. By facilitating access to the investment opportunities available through its parent company, Brookfield Corporation, Brookfield Reinsurance seeks to empower newly acquired subsidiaries’ competitiveness and growth trajectories.

Brookfield Reinsurance plans to continue integrating recent acquisitions while exploring opportunities to expand its presence across the evolving insurance sector. With American National Insurance already demonstrating positive results under Brookfield Reinsurance’s ownership, the company is well on its way to hitting the monumental $100 billion milestone as it pursues its strategic growth mission.

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