American National Group (NYSE: ANG) transfers P&C subsidiaries to Argo, targets leverage-neutral impact

Rhea-AI Filing Summary

American National Group Inc. completed the transfer of its property and casualty subsidiaries — American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company — to Argo Group International Holdings, Inc. Both companies are wholly owned by Brookfield Wealth Solutions Ltd., so this is a reorganization within the same corporate family.

The company currently expects to receive a capital contribution related to this transaction and intends to use those proceeds to repay outstanding term loans, with the objective of keeping the transfer leverage neutral for the company. Unaudited pro forma financial information reflecting the transaction is provided in an attached exhibit.

Insights

Insurance sector & capital structure analyst

Internal P&C transfer aims to keep leverage broadly unchanged.

American National Group Inc. has completed the transfer of three property and casualty subsidiaries to Argo Group International Holdings, Inc., another subsidiary of Brookfield Wealth Solutions Ltd. Because both entities share the same parent, this appears to be an internal group reorganization rather than a third-party sale.

The company currently expects to receive a capital contribution tied to this move and intends to use those proceeds to repay outstanding term loans, with the explicit objective of keeping the transaction leverage neutral. This suggests a focus on maintaining its existing debt profile while reshaping its business mix. Unaudited pro forma financial information has been prepared to show how the transaction would have affected historical results, and future company filings may expand on the strategic and financial effects.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 1, 2025

AMERICAN NATIONAL GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware		001-31911		42-1447959
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

One Moody Plaza

Galveston, Texas 77550

(Address of principal executive offices and zip code)

(888) 221-1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Depositary Shares, each representing a 1/1,000th interest in a share of 7.375% Fixed-Rate Non-Cumulative Preferred Stock, Series D		ANGpD		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 1, 2025, American National Group Inc. (the “Company”) completed the transfer of its property and casualty subsidiaries, American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company (collectively, the “P&C Subsidiaries”) to Argo Group International Holdings, Inc. (“Argo”).

The Company currently expects to receive a capital contribution (the “Expected Capital Contribution”), and the Company intends to use the proceeds thereof to repay outstanding term loans with the objective of keeping the transfer of the P&C Subsidiaries to Argo leverage neutral to the Company.

Argo and the Company are both wholly-owned subsidiaries of Brookfield Wealth Solutions Ltd.

This Current Report on Form 8-K contains forward-looking statements that are based on current expectations of management of the Company. Such statements include expectations about the Expected Capital Contribution, including the impact therefrom. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

Item 9.01 Financial Statements and Exhibits.

(b)          Pro forma financial information

Unaudited pro forma financial information of the Company required pursuant to Article 11 of Regulation S-X is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d)          Exhibits

Exhibit No.	Description
99.1	Unaudited Pro Forma Financial Information.
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMERICAN NATIONAL GROUP INC.
Date: October 7, 2025	By:	/s/ Timothy A. Walsh
		Timothy A. Walsh
		President and Chief Executive Officer

FAQ

What transaction did American National Group Inc. (ANG) report in this 8-K?

American National Group Inc. reported that it completed the transfer of its property and casualty subsidiaries—American National Property And Casualty Company, United Farm Family Insurance Company and Farm Family Casualty Insurance Company—to Argo Group International Holdings, Inc.

Who is the buyer of American National Group Inc.’s P&C subsidiaries?

The P&C subsidiaries were transferred to Argo Group International Holdings, Inc., which, like American National Group Inc., is a wholly owned subsidiary of Brookfield Wealth Solutions Ltd.

How does American National Group Inc. plan to use the capital contribution from the P&C transfer?

The company currently expects to receive a capital contribution related to the transfer and intends to use the proceeds to repay outstanding term loans, with the objective of keeping the transaction leverage neutral.

Does the transaction change American National Group Inc.’s ownership within Brookfield Wealth Solutions Ltd.?

No. Both Argo Group International Holdings, Inc. and American National Group Inc. are wholly owned subsidiaries of Brookfield Wealth Solutions Ltd., so the transfer occurs within the same corporate group.

What financial information about the P&C transfer is included with this 8-K?

The company has provided unaudited pro forma financial information as Exhibit 99.1, prepared pursuant to Article 11 of Regulation S-X and incorporated by reference.

Does American National Group Inc. provide forward-looking statements in connection with this transaction?

Yes. The company includes forward-looking statements concerning its expectations about the capital contribution and its impact, and notes these are subject to risks, uncertainties and assumptions.