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American Equity Investment Life Holding Company reports developments tied to its role as an issuer of fixed index annuities and its insurance balance-sheet capital structure. Recurring updates include operating and financial results, material agreements, shareholder voting matters and preferred stock dividends for Series A and Series B depositary shares listed on the NYSE.
Company news also includes private-credit initiatives connected to American Equity Life, including middle market credit products and CLO structures developed with Adams Street Partners for insurer capital efficiency.
American Equity Investment Life Holding Company (AEL) announced its plans to release third quarter 2020 earnings after market close on October 29, 2020. The earnings release and financial information will be available on AEL's website. A conference call to discuss the earnings will take place the following day at 7:00 a.m. CT, with options for both domestic and international participants. An audio replay of the call will be available until November 6, 2020.
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American Equity Investment Life Holding Company (NYSE: AEL) has announced a strategic partnership with Brookfield Asset Management for $5 billion in reinsurance on existing liabilities and up to an additional $5 billion in new fixed index annuity sales. Brookfield will acquire a 19.9% stake in American Equity. This partnership grants access to Brookfield's investments, aiming to enhance returns and support growth strategies. The Board also authorized a $500 million share repurchase program to mitigate share dilution. Additionally, the Board rejected an unsolicited proposal from Athene and MassMutual as undervalued.
American Equity Investment Life Holding Company (NYSE: AEL) received an unsolicited non-binding acquisition proposal from Athene Holding Ltd. (NYSE: ATH) and Massachusetts Mutual Life Insurance Company, offering $36.00 per share in cash for all outstanding shares of American Equity. The company's Board of Directors is reviewing this proposal with financial and legal advisors to ensure the best interests of shareholders are met. Investors are advised to take no immediate action.
American Equity Investment Life Holding Company (NYSE: AEL) has appointed Graham Day as President of Eagle Life Insurance Company, a subsidiary. This strategic move aims to enhance the company’s position in the annuity market as it transitions to AEL 2.0. Graham Day brings over 20 years of experience, primarily from Equitable, where he served as Chief Sales and Distribution Officer. His extensive background in sales and distribution is expected to bolster Eagle Life's capabilities in providing fixed index annuities.
American Equity Investment Life Holding Company (NYSE: AEL), Värde Partners, and Agam Capital Management have agreed to form a strategic partnership to enhance value for investors and retirees. The partnership will involve Värde establishing a Bermuda reinsurance company to reinsure $5 billion of American Equity's fixed index annuity liabilities. American Equity will hold a significant minority interest in the reinsurer and a 35% stake in a new asset management entity. This initiative aims to improve American Equity's market presence and free up approximately $350 million in capital for shareholders.