The reinsurance arm of Brookfield Asset Management Inc. has agreed to buy American National Group Inc. for about $5 billion, the companies said.
As part of the deal, American National stockholders will receive $190 a share in cash. That represents a roughly 10% premium to the company’s closing price Friday of $172.80.
The Wall Street Journal reported earlier that the companies had reached a deal.
Assuming the deal is completed, American National will be wholly owned by Brookfield Asset Management Reinsurance Partners Ltd. , which spun out of the Canadian investment giant in June to become a publicly traded entity. (It is still affiliated with Brookfield Asset Management.) Brookfield said it plans to keep American National’s headquarters in Galveston, Texas, and maintain its operational hubs around the country.
American National, which has just under $30 billion in assets, provides life insurance and annuities as well as health, property and casualty and credit insurance and pension products.
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