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AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (ICR) of a- (Excellent) for North End Re (Cayman) SPC, with a stable outlook. The ratings highlight NER Cayman’s very strong balance sheet strength, adequate operating performance, and effective enterprise risk management. In 2021, NER Cayman entered a reinsurance agreement with American Equity Investment Life Holding Company (AEL) to assume up to $10 billion of annuity products, yielding $195 million in net income by year-end 2022. NER Cayman is a subsidiary of Brookfield Reinsurance Ltd. (BNRE), which focuses on capital-based insurance solutions and completed a $5.1 billion acquisition of American National Group in May 2022.
Brookfield Reinsurance (NYSE, TSX: BNRE) filed its 2022 annual report, including audited financial statements, with the SEC on Form 20-F and Canadian regulatory authorities on SEDAR. The filings are accessible at bnre.brookfield.com, www.sec.gov, and www.sedar.com. Shareholders can request hard copies for free. Brookfield Reinsurance is a key player in the capital solutions market, offering insurance and reinsurance services to both individuals and institutions. Each Class A exchangeable limited voting share can be exchanged for a Class A limited voting share of Brookfield Corporation on a one-for-one basis.
Brookfield Reinsurance (NYSE, TSX: BNRE) reported robust financial results for the year ended December 31, 2022, highlighting significant business growth and diversification. The company achieved a net income of $492 million, up from a loss of $44 million in 2021, and adjusted equity reached $4.85 billion. Quarterly distributable operating earnings surged to $170 million, reflecting acquisitions and improved investment income. The Board declared a quarterly distribution of $0.07 per share, payable on March 31, 2023. With over $20 billion in cash and liquid assets, Brookfield is positioned for future growth opportunities.