Brookfield Reinsurance Announces Credit Rating Upgrade of American Equity Investment Life Insurance Company to A
May 07 2024 - 2:35PM
Brookfield Reinsurance (NYSE, TSX: BNRE, BNRE.A) today announced
that its wholly-owned operating subsidiary American Equity
Investment Life Insurance Company (“AEL”) has received an upgrade
to its Insurer Financial Strength (“IFS”) rating from S&P
Global Ratings (“S&P”) to “A” from “A-”. The upgrade reflects
AEL being core to the overall Brookfield Reinsurance group and
benefitting from the strong capital position and earnings profile
of Brookfield Reinsurance.
American National Insurance Company’s “A” IFS
rating has been reaffirmed, with credit watch removed following the
completion of Brookfield Reinsurance’s acquisition of American
Equity Investment Life Holding Company (“AEILHC”).
As a result, the existing senior bonds of AEILHC
will receive a rating increase to “BBB” from “BBB-”, and the
outstanding preferred shares of AEILHC will receive a rating
increase to “BB+” from “BB” from S&P. The rating for American
National Group LLC’s existing senior bonds has been reaffirmed at
“BBB”, with credit watch removed.
Additionally, Fitch Ratings (“Fitch”) has
upgraded AEILHC’s existing senior unsecured notes to “BBB” from
“BBB-”, and its preferred shares to “BB+” from “BB”.
About Brookfield
Reinsurance
Brookfield Reinsurance Ltd. (NYSE; TSX:
BNRE, BNRE.A) operates a leading capital solutions business
providing insurance and reinsurance services to individuals and
institutions. Each class A exchangeable limited voting share and
each class A-1 exchangeable non-voting share of Brookfield
Reinsurance are exchangeable on a one-for-one basis with a
class A limited voting share of Brookfield Corporation.
(NYSE/TSX: BN).
For more information, please visit our website
at bnre.brookfield.com.
Media:Kerrie McHugh Tel: (212) 618-3469Email:
kerrie.mchugh@brookfield.com |
|
Investor Relations: Rachel Powell Tel: (416)
956-5141 Email: rachel.powell@brookfield.com |
Forward Looking Statements
This news release and any related oral
statements made by our representatives may contain “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of
Canadian provincial securities laws and “forward-looking
statements” within the meaning of the U.S. Securities Act
of 1933, the U.S. Securities Exchange Act of 1934, and
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian
securities regulations. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, include statements which reflect
management’s expectations regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield Reinsurance,
AEL and Brookfield Reinsurance’s other subsidiaries, as well as the
outlook for North American and international economies for the
current fiscal year and subsequent periods. In particular,
statements regarding the merger and redomestication of AEILHC and
American National Group, LLC, and its anticipated impact on
ratings, constitute forward looking statements.. In some cases,
forward-looking statements can be identified by the use of
forward-looking terminology such as “expects,” “anticipates,”
“plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,”
“projects,” “forecasts” or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may,”
“will,” “should,” “would” and “could.” In particular, the
forward-looking statements contained in this news release include
statements referring to the future state of the economy or the
securities market and expected future deployment of capital and
financial earnings.
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements
of Brookfield Reinsurance or AEL to differ materially
from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements and
information.
Readers are urged to consider these risks, as
well as other uncertainties, factors and assumptions carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements, which are
based only on information available to us as of the date of this
news release. Except as required by law, Brookfield undertakes no
obligation to publicly update or revise any forward-looking
statements, whether written or oral, that may be as a result of new
information, future events or otherwise.
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