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American Equity to issue shares as Brookfield Reinsurance boosts equity stake to 16%

American Equity Investment Life Holding Co. disclosed Monday that investor Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) received regulatory approval to boost its stake in the life insurance company. Brookfield Reinsurance said it will increase its equity stake in American Equity to about 16%, from the current holding of 9.85%. As a result, American Equity said it expects to issue 6.78 million shares of its common stock to Brookfield Reinsurance at $37.33 a share, which is 4.1% below Friday's closing price of $38.92. American Equity's stock, which is still inactive in premarket trading, has rallied 29.3% over the past three months while the S&P 500 has gained 9.4%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

01-03-22 0731ET

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