Brookfield Reinsurance Announces Record Date for Special Distribution – InsuranceNewsNet

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At a special meeting of shareholders of Brookfield Reinsurance on November 9, 2022Holders of Brookfield Reinsurance Class A Shares and Brookfield Reinsurance Class B-shares approved a resolution authorizing the payment of the Special Distribution by means of a capital reduction resulting in a capital repayment. Therefore, it is expected that the Special Distribution will be made in the form of a capital reduction resulting in a return of capital, and not in the form of a dividend. Holders of Brookfield Reinsurance Class A Shares will not be obligated to pay for the Manager Shares receivable upon the completion of the Special Distribution or to deposit or deliver any Brookfield Reinsurance Class A Shares or take any other action in connection with the special distribution.

Following the completion of the Special Distribution, it is expected that the Class A Shares of Brookfield Reinsurance will continue to be the economic equivalent of the Class A Limited Voting Shares of Brookfield (the “Class A Shares of ”) and will remain exchangeable on a one-for-one basis. base. If a holder of Brookfield Reinsurance Class A Shares wishes to exchange one or more of their Brookfield Reinsurance Class A Shares for Class A Shares of the Company prior to the Brookfield Arrangement, they are required to complete and deliver an exchange notice before the close of business on November 28, 2022. Any notice of exchange received at or after the close of business on November 28, 2022 will not be processed and no Class A Shares of the Company will be delivered until the Special Distribution is completed.

The New York stock exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) will implement trading in “due bills” commencing on December 1, 2022 (one trading day prior to the record date) and ending at the close of business on December 9, 2022, inclusive. During this period, the trading designation “due note” will affect how the Class A Shares of Brookfield Reinsurance will trade on both exchanges. Investors should be aware of the following characteristics:

  • Transactions on “BAMR” on the NYSE and TSX, respectively, will include the Manager’s Shares and the right to receive the Manager’s Shares on or about December 9, 2022.
  • Class A Shares of Brookfield Reinsurance traded with notes payable will be entitled to receive the Manager’s Shares (ie should be traded prior to distribution). Accordingly, post-distribution trading in the Manager’s Shares will commence on the NYSE and TSX at the opening of business on December 12, 2022.

Following completion of the special distribution, our company also intends to change its name to “Brookfield Reinsurance Ltd.” “. Further details regarding the name change (including with respect to the commencement of trading under our new trading symbol “BNRE”) will be set out in more detail in a press release following completion of the special distribution. If the Brookfield Arrangement does not occur, we will not proceed with the Special Distribution or the name change.

The Manager has filed its final prospectus and its registration statement has been declared effective with respect to the special distribution. The Manager has received conditional approval to list its Class A Shares on the NYSE and the TSX. Listing of the Class A Shares on the NYSE and the TSX is subject to the Manager’s compliance with all requirements of the NYSE and the TSX, respectively.

Notice to readers

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no distribution of securities in any jurisdiction in which such offer, solicitation or distribution would be unlawful prior to the registration or qualification. under the securities laws of such jurisdiction.

Information contained in this press release that is not historical fact is “forward-looking information”. This press release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of WE Securities Act of 1933, the WE Securities Exchange Act of 1934 and the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities regulations. Forward-looking statements are generally identified by words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate”, “objective”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on the company’s perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. . The Company’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. The Company cannot guarantee that these estimates, beliefs and assumptions will prove to be correct. In particular, statements regarding the Special Distribution, the name change, the Brookfield Arrangement and other terms and conditions of the Special Distribution (including final stock exchange approval) are forward-looking statements.

Other factors, risks and uncertainties not currently known to the Company or that the Company currently believes to be immaterial could also cause actual results or events to differ materially from those expressed or implied by the statements containing forward-looking information. Readers are cautioned not to place undue reliance on any statements containing forward-looking information included in this press release, which are made as of the date of this press release, and not to use such information for any purpose other than that for which they are destined. The Company disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Brookfield Reinsurance

Brookfield Asset Management Reinsurance Partners Ltd. (NYSE, TSX: BAMR) operates a leading financial services company providing capital-based solutions to the insurance industry. Each exchangeable Class A Limited Voting Share of Brookfield Reinsurance is exchangeable for one share for one Class A Limited Voting Share of Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A) .

For more information, please visit our website at bamr.brookfield.com or contact:


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Source: Brookfield Asset Management Reinsurance Partners Ltd.

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