Brookfield Asset Management Partners (BAM) and Brookfield Asset Management Reinsurance Partners have jointly announced that Brookfield has completed the previously announced launch of Brookfield Reinsurance.
“We are excited to be launching Brookfield Reinsurance, which established 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 BAM.
Holders of BAM’s class A and class B limited voting shares received on class A exchangeable limited voting share of Brookfield Reinsurance for every 145 class A and B shares held. Each exchangeable share is exchangeable for a BAM class A limited voting share or its cash equivalent, BAM said. For beneficial shareholders who hold their BAM shares in an account with a broker or other intermediary, their account will be automatically updated to reflect receipt of the exchangeable shares.
BAM shareholders will receive a cash payment in lieu of any fractional interest in an exchangeable share, BAM said.
Brookfield Reinsurance’s board of directors currently comprises four members: Shah, who serves as chair; William J. Cox; Gregory Morrison; and Anne Schaumberg.