05:42 AM EDT, 05/03/2024 (MT Newswires) -- Brookfield Reinsurance ( BNRE ) has completed its cash and stock acquisition of American Equity Investment Life ( AEL ) , the companies said late Thursday.

The transaction valued American Equity Investment Life ( AEL ), which provides fixed annuities, at $56.50 per share. The acquisition increases Brookield's insurance assets under management to over $100 billion.

Brookfield said it expects to maintain American Equity Investment Life's ( AEL ) Des Moines, Iowa, headquarters.

Price: 41.64, Change: +0.03, Percent Change: +0.06