Brookfield Re's new subsidiary gets ratings upgrade

American Equity Investment Life Insurance Company, which was bought by Brookfield Reinsurance last week, has had its insurer financial strength rating increased to A from A- as a result of the purchase. 

Brookfield Reinsurance, whose purchase valued AEL at more than $4.3 billion, said the upgrade by S&P Global Ratings reflected AEL being core to the overall Brookfield Reinsurance group and benefitting from the strong capital position and earnings profile of Brookfield Reinsurance.

American National Insurance Company’s A rating has also been reaffirmed, with credit watch removed following the completion of Brookfield Reinsurance’s acquisition of AEL. 

Additionally, Fitch Ratings has upgraded AEL’s existing senior unsecured notes to “BBB” from “BBB-”, and its preferred shares to “BB+” from “BB”.

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