Brookfield Reinsurance’s $10 Billion Reinsurance Agreement with American Equity Investment Life Insurance Company

Debevoise & Plimpton has advised Brookfield Asset Management Reinsurance Partners on the deal.

Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE, TSX: BAMR) closed its $10 billion reinsurance agreement with American Equity Investment Life Insurance Company (“AEILIC”), a subsidiary of American Equity Investment Life Holding Company (NYSE: AEL).

Under the terms of the agreement, Brookfield Reinsurance has reinsured approximately $4 billion of in-force policies, and will reinsure up to an additional approximately $6 billion of AEILIC’s “IncomeShield” or other mutually agreed liabilities issued by AEL on a flow basis. 

Brookfield Reinsurance operates a leading reinsurance business focused on providing capital-based and annuity solutions for insurance and reinsurance companies, and pension risk transfer products for pension plan sponsors. American Equity Investment Life Insurance Company is a leader in the fixed index annuities marketplace.

The Debevoise team was led by insurance M&A partner Drew Dutton (Picture) and included partner Thomas Kelly and associates Joanna Faley, Matthew Parelman and AJ Salomon, tax partners Gary Friedman and Daniel Priest and associate David Rock.

Involved fees earner: Drew Dutton – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; Thomas Kelly – Debevoise & Plimpton; Matthew Parelman – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; David Rock – Debevoise & Plimpton; AJ Salomon – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Brookfield Asset Management Inc;