Debevoise & Plimpton LLP has advised Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE, TSX: BAMR) in connection with 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. For more information, please see Brookfield Reinsurance’s press release.
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 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.