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BROOKFIELD, NEWS, June 28, 2021 (GLOBE NEWSWIRE) — Brookfield Asset Administration Inc. (“Brookfield” or “BAM”) (NYSE: BAM; TSX: BAM.A) and Brookfield Asset Administration Reinsurance Companions Ltd. (“Brookfield Reinsurance” or “BAM Re”) (NYSE, TSX: BAMR) at this time collectively introduced that Brookfield has accomplished the beforehand introduced creation of Brookfield Reinsurance.
“We’re excited to be launching Brookfield Reinsurance, which establishes a scalable platform for our rising insurance coverage companies and offers traders with another, environment friendly means via which to carry an curiosity in Brookfield,” stated Sachin Shah, CEO of Brookfield Reinsurance and Chief Funding Officer of Brookfield.
The holders of Brookfield’s class A and sophistication B restricted voting shares acquired one class A exchangeable restricted voting share of Brookfield Reinsurance (an “exchangeable share”) for each 145 Brookfield class A and sophistication B restricted voting shares held. Every exchangeable share is exchangeable for a Brookfield class A restricted voting share (a “Brookfield Share”), or its money equal, on a one-for-one foundation, and distributions on the exchangeable shares will likely be paid on the identical time and in the identical quantity per share as dividends on Brookfield Shares.
The exchangeable shares will start regular-way buying and selling on the Toronto Inventory Alternate and the New York Inventory Alternate beneath the image “BAMR” upon market open on June 28, 2021.
For useful shareholders who maintain their Brookfield shares in an account with a dealer or different middleman, their account will likely be routinely up to date to mirror the receipt of the exchangeable shares.
Brookfield’s shareholders will obtain a money cost in lieu of any fractional pursuits in an exchangeable share. Brookfield will use the five-day volume-weighted common buying and selling worth of the exchangeable shares on the New York Inventory Alternate instantly following the particular dividend (June 28 via July 2) to find out the worth of any fractional pursuits in an exchangeable share.
Brookfield Reinsurance’s board of administrators is at the moment comprised of the next 4 members: William J. Cox, Gregory Morrison, Anne Schaumberg, and Sachin Shah (Chair). For biographical details about Brookfield Reinsurance’s administrators, please check with the part entitled “Administrators and Government Officers” starting on web page 136 of the ultimate prospectuses of Brookfield and Brookfield Reinsurance filed with the U.S. Securities and Alternate Fee and the Ontario Securities Fee and dated June 16, 2021.
Further Info and The place to Discover It
Shareholders are inspired to learn the Brookfield CEO letter to shareholders and the Prospectuses relating to Brookfield Reinsurance which can be found on Brookfield Reinsurance’s web site. Questions relating to the particular dividend might be directed to bamr.enquiries@brookfield.com. Additional particulars relating to the operations of Brookfield Reinsurance are set forth in its regulatory filings. Copies of Brookfield Reinsurance’s regulatory filings, together with the ultimate prospectuses, could also be obtained via the web site of the SEC at www.sec.gov and on Brookfield Reinsurance’s SEDAR profile at www.sedar.com.
Brookfield Asset Administration Inc. is a number one international different asset supervisor with over US$600 billion of belongings beneath administration throughout actual property, infrastructure, renewable energy, personal fairness and credit score. Brookfield owns and operates long-life belongings and companies, lots of which kind the spine of the worldwide economic system. Using its international attain, entry to large-scale capital and operational experience, Brookfield provides a spread of different funding merchandise to traders all over the world—together with private and non-private pension plans, endowments and foundations, sovereign wealth funds, monetary establishments, insurance coverage firms and personal wealth traders. Brookfield Asset Administration is listed on the NYSE and the TSX beneath the symbols BAM and BAM.A, respectively.
Brookfield Asset Administration Reinsurance Companions Ltd. was established by Brookfield Asset Administration to personal and function a number one reinsurance enterprise targeted on offering capital-based options to insurance coverage firms and their stakeholders. By way of its working subsidiaries, Brookfield Reinsurance offers annuity-based reinsurance merchandise to insurance coverage and reinsurance firms and likewise acts as a direct issuer of pension threat switch merchandise for pension plan sponsors. Brookfield Reinsurance offers traders with the pliability to personal, via the possession of its exchangeable shares, the financial equal of proudly owning Brookfield Shares. Brookfield Asset Administration Reinsurance Companions Ltd. is listed on the NYSE and the TSX beneath the image BAMR.
For extra info, please go to our web site at www.brookfield.com or contact:
Notice: This information launch accommodates forward-looking statements and knowledge inside the that means of relevant securities legal guidelines, together with inside the that means of the secure harbor provisions of the U.S. Non-public Securities Litigation Reform Act of 1995, as amended. The phrases “will”, “count on”, “anticipated” or derivations thereof and different expressions that are predictions of or point out future occasions, developments or prospects, and which don’t relate to historic issues, determine forward-looking statements. Though Brookfield and Brookfield Reinsurance imagine that these forward-looking statements and knowledge are based mostly upon cheap assumptions and expectations, the reader shouldn’t place undue reliance on them, or some other forward-looking statements and knowledge as a result of they contain identified and unknown dangers, uncertainties and different components, lots of that are past our management.
The long run efficiency and prospects of Brookfield and Brookfield
Reinsurance are topic to a lot of identified and unknown dangers and uncertainties. Components that might trigger precise outcomes of Brookfield
or Brookfield Reinsurance to vary materially from these contemplated or implied by the statements on this information launch in addition to different dangers and components described within the paperwork filed by Brookfield with securities regulators in Canada and the US together with beneath “Danger Components” in Brookfield’s most up-to-date Annual Report on Type 40-F (as amended by Modification No.1) and different dangers and components which might be described therein and within the U.S. registration assertion and Canadian prospectus of Brookfield Reinsurance filed in reference to the distribution of the exchangeable shares.
Readers are urged to contemplate the foregoing dangers, in addition to different uncertainties, components and assumptions fastidiously in evaluating the forward-looking info and are cautioned to not place undue reliance on such forward-looking info. Besides as required by legislation, Brookfield and Brookfield Reinsurance undertake no obligation to publicly replace or revise any forward-looking statements or info, whether or not written or oral, that could be on account of new info, future occasions or in any other case.
