Brookfield Completes Special Dividend and Creation of Brookfield Asset Management Reinsurance Partners Ltd.
June 28 2021 - 6:45AM
Brookfield Asset Management Inc. (“Brookfield” or “BAM”) (NYSE:
BAM; TSX: BAM.A) and Brookfield Asset Management Reinsurance
Partners Ltd. (“Brookfield Reinsurance” or “BAM Re”) (NYSE, TSX:
BAMR) today jointly announced that Brookfield has completed the
previously announced creation of Brookfield Reinsurance.
“We are excited to be launching Brookfield
Reinsurance, which establishes a scalable platform for our growing
insurance businesses and provides investors with an alternative,
efficient means through which to hold an interest in Brookfield,”
said Sachin Shah, CEO of Brookfield Reinsurance and Chief
Investment Officer of Brookfield.
The holders of Brookfield’s class A and class B
limited voting shares received one class A exchangeable limited
voting share of Brookfield Reinsurance (an “exchangeable share”)
for every 145 Brookfield class A and class B limited voting shares
held. Each exchangeable share is exchangeable for a Brookfield
class A limited voting share (a “Brookfield Share”), or its cash
equivalent, on a one-for-one basis, and distributions on the
exchangeable shares will be paid at the same time and in the same
amount per share as dividends on Brookfield Shares.
The exchangeable shares will commence
regular-way trading on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol “BAMR” upon market open on June 28,
2021.
For beneficial shareholders who hold their
Brookfield shares in an account with a broker or other
intermediary, their account will be automatically updated to
reflect the receipt of the exchangeable shares.
Brookfield’s shareholders will receive a cash
payment in lieu of any fractional interests in an exchangeable
share. Brookfield will use the five-day volume-weighted average
trading price of the exchangeable shares on the New York Stock
Exchange immediately following the special dividend (June 28
through July 2) to determine the value of any fractional interests
in an exchangeable share.
Brookfield Reinsurance’s board of directors is
currently comprised of the following four members: William J. Cox,
Gregory Morrison, Anne Schaumberg, and Sachin Shah (Chair). For
biographical information about Brookfield Reinsurance’s directors,
please refer to the section entitled “Directors and Executive
Officers” beginning on page 136 of the final prospectuses of
Brookfield and Brookfield Reinsurance filed with the U.S.
Securities and Exchange Commission and the Ontario Securities
Commission and dated June 16, 2021.
Additional Information and Where to Find
It
Shareholders are encouraged to read the
Brookfield CEO letter to shareholders and the Prospectuses
regarding Brookfield Reinsurance which are available on Brookfield
Reinsurance’s website. Questions regarding the special dividend can
be directed to bamr.enquiries@brookfield.com. Further details
regarding the operations of Brookfield Reinsurance are set forth in
its regulatory filings. Copies of Brookfield Reinsurance’s
regulatory filings, including the final prospectuses, may be
obtained through the website of the SEC at www.sec.gov and on
Brookfield Reinsurance’s SEDAR profile at www.sedar.com.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over US$600 billion of assets under management across real
estate, infrastructure, renewable power, private equity and credit.
Brookfield owns and operates long-life assets and businesses, many
of which form the backbone of the global economy. Utilizing its
global reach, access to large-scale capital and operational
expertise, Brookfield offers a range of alternative investment
products to investors around the world—including public and private
pension plans, endowments and foundations, sovereign wealth funds,
financial institutions, insurance companies and private wealth
investors. Brookfield Asset Management is listed on
the NYSE and the TSX under the symbols BAM and BAM.A,
respectively.
Brookfield Asset Management Reinsurance
Partners Ltd. was established by Brookfield Asset
Management to own and operate a leading reinsurance business
focused on providing capital-based solutions to insurance companies
and their stakeholders. Through its operating subsidiaries,
Brookfield Reinsurance provides annuity-based reinsurance products
to insurance and reinsurance companies and also acts as a direct
issuer of pension risk transfer products for pension plan sponsors.
Brookfield Reinsurance provides investors with the flexibility to
own, through the ownership of its exchangeable shares, the economic
equivalent of owning Brookfield Shares. Brookfield Asset Management
Reinsurance Partners Ltd. is listed on the NYSE and the TSX under
the symbol BAMR.
For more information, please visit our website
at www.brookfield.com or contact:
Communications & MediaClaire HollandTel: (416)
369-8236Email: claire.holland@brookfield.com |
Investor Relations:Rachel PowellTel: (416)
956-5141Email: rachel.powell@brookfield.com |
Note: This news release contains forward-looking
statements and information within the meaning of applicable
securities laws, including within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, as amended. The words “will”, “expect”, “anticipated” or
derivations thereof and other expressions which are predictions of
or indicate future events, trends or prospects, and which do not
relate to historical matters, identify forward-looking statements.
Although Brookfield and Brookfield Reinsurance believe that these
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on them, or any other forward-looking
statements and information because they involve known and unknown
risks, uncertainties and other factors, many of which are beyond
our control.
The future performance and prospects of
Brookfield and Brookfield Reinsurance are subject to a number of
known and unknown risks and uncertainties. Factors that could cause
actual results of Brookfield or Brookfield Reinsurance to differ
materially from those contemplated or implied by the statements in
this news release as well as other risks and factors described in
the documents filed by Brookfield with securities regulators in
Canada and the United States including under “Risk Factors” in
Brookfield’s most recent Annual Report on Form 40-F (as amended by
Amendment No.1) and other risks and factors that are described
therein and in the U.S. registration statement and Canadian
prospectus of Brookfield Reinsurance filed in connection with the
distribution of the exchangeable shares.
Readers are urged to consider the foregoing
risks, as well as other uncertainties, factors and assumptions
carefully in evaluating the forward-looking information and are
cautioned not to place undue reliance on such forward-looking
information. Except as required by law, Brookfield and Brookfield
Reinsurance undertake no obligation to publicly update or revise
any forward-looking statements or information, whether written or
oral, that may be as a result of new information, future events or
otherwise.
Brookfield Asset Managem... (TSX:BAMR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Brookfield Asset Managem... (TSX:BAMR)
Historical Stock Chart
From Oct 2023 to Oct 2024