In 2022, Brookfield Reinsurance acquired American National Insurance in a $5.1 billion all-cash agreement. This deal acted as a springboard that enabled Brookfield Reinsurance to expand its assets under management and diversify its offerings over a short period.
Initially focused strictly on reinsurance when founded in 2020, Brookfield Reinsurance has rapidly evolved its business model through critical acquisitions. The American National Insurance deal, in particular, allowed the company to instantly broaden its portfolio across life insurance, annuities, property and casualty insurance, and more.
The newly merged entity maintained American National Insurance’s firm footing across all 50 states while leveraging Brookfield Reinsurance’s financial backing and investment connections. Brookfield Reinsurance is strategically integrated with Brookfield Asset Management, granting it access to asset management expertise and resources.
Post-acquisition, American National Insurance was recognized by Forbes in 2024 as one of America’s Best Insurance Companies based on exceptional service, customer satisfaction, and value. This exemplified the retained strengths of American National Insurance paired with the fresh backing of its new parent company.
This deal started an ambitious growth strategy centered around acquiring and operating leading insurance companies. Brookfield Reinsurance followed its landmark American National Insurance acquisition with two additional purchases – P&C insurer Argo Group International in late 2023 and annuities provider American Equity Investment Life Holding Company, set to finalize in 2024.
Between direct acquisitions and the umbrella growth achieved across merged entities, Brookfield Reinsurance is on pace to surpass $100 billion in managed assets imminently.
The successful integration of various strategic buys has compacted years of organic growth into months. While preserving and fostering the unique attributes and leadership of acquired firms, Brookfield Reinsurance has quickly transformed into a dynamic, multiline insurance holdings company.
Its focus has shifted from reinsurance to now prioritizing annuities, life insurance, P&C, and pension risk transfer. This ever-broadening diversity makes the organization more stable, efficient, and competitive.
The vision is to continue pursuing accretive acquisitions when strategically aligned while concentrating resources around the established brands and offerings now under its umbrella. These efforts center on scaling operations, managing risks, and producing solid returns for policyholders and shareholders.
Despite exponential near-term growth, Brookfield Reinsurance emphasizes a long-term philosophy based on the steady cultivation of individual insurance companies versus rapid overexpansion. This disciplined strategy has paved the way for assets under management to eclipse the $100 billion milestone imminently.
Brookfield Reinsurance traces much of this accelerated trajectory back to its transformative American National Insurance acquisition in 2022, making it the crown jewel thus far in an increasingly dense portfolio of insurance brands.