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Brookfield Reinsurance announced that its subsidiary American Equity Investment Life Insurance Company received an upgrade in its Insurer Financial Strength rating from S&P. The upgrade reflects AEL's core role in Brookfield Reinsurance, benefiting from its strong capital position. The ratings of other entities within the group were also reaffirmed or upgraded, indicating a positive outlook for the company.
Brookfield Reinsurance has completed the acquisition of American Equity Investment Life Holding Company in a cash and stock transaction valued at $56.50 per share. This acquisition enhances Brookfield Reinsurance's insurance operations, increasing its assets under management to over $100 billion. The move is expected to boost growth, diversification, and scale in retirement services. Brookfield Reinsurance plans to maintain AEL's headquarters in Des Moines, Iowa, and anticipates job creation in the fixed annuity business in Iowa. The company also aims to continue supporting charitable initiatives in the Des Moines area.
