American National Group to Be Sold to Brookfield Reinsurance Arm

Deal values insurer at $190 a share or about $5 billion

Brookfield said it plans to keep American National’s headquarters—the tall building at right—in Galveston, texas.

photo: istock

The reinsurance arm of Brookfield Asset management Inc. has agreed to buy American National Group Inc. for about $5 billion, the companies said.

As part of the deal, American National stockholders will receive $190 a share in cash. That represents a roughly 10% premium to the company’s closing price Friday of $172.80.

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