Brookfield Asset Management (Brookfield) and Brookfield Asset Management Reinsurance (BAM Re) have 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.
Brookfield Reinsurance’s board of directors is currently composed of the following four members: William J. Cox, Gregory Morrison, Anne Schaumberg, and Sachin Shah (Chair).
Concurrently, a special dividend has been completed, with the holders of Brookfield’s class A and class B limited voting shares receiving one class A exchangeable limited voting share of Brookfield Reinsurance 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, 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.
