Brookfield Re share price improves

Brookfield Reinsurance Company’s share price staged a recovery on Friday after previously dropping following the news that American Equity Life Holding had agreed to be bought by the Bermuda-based reinsurer in a $.3 billion deal.

Brookfield’s share price had dropped from a recent peak in February of $38.10 in February on the New York Stock Exchange to around $34.26 prior to the AEL announcement.

The shares dropped to $31.83 when Brookfield announced its bid on June 27 before recovering and then fell back to $31.91 after announcing the bid had been accepted.

However, they recovered to $32.59 by Friday, which was still down 4.87% from the February year to date high.

Brookfield, which operates in the property casualty and life re/insurance spaces, has been on a spending spree for the last 18 months, buying US-based multiline insurer American National for $5.1 billion in May, 2022 and Bermuda-based property casualty re/insurer Argo for $1.1 billion in deal expected to close this year.